RNS summary17 Sep 2024 07:24
I remain extremely confident in HE1 but more detail was required. Perhaps an interview later or perhaps details of the feasibility study will follow?
Mining Licence Application successfully submitted over the Itumbula-Tai area in southern Rukwa after completing feasibility and ESIA studies. Company aims to partner with Tanzanian Government to develop a flagship helium sector in the region. Feasibility study, basis for ML application, evaluates technical, economic, and environmental feasibility of helium project, incorporating results from Itumbula West-1 discovery well's extended well test. Prospecting Licences (PLs) in Eastern Rukwa, Eastern Eyasi, and Balangida have reached their final term and will lapse, saving US$177,600 annually in fees. Company surrendered PLs in Lake Rukwa and Balangida Rift Basin due to limited prospectivity. Remaining PLs in Eastern Eyasi Rift Basin will also expire. Company remains open to future PL applications while focusing on helium potential in Tanzania. Next steps include engaging with Tanzanian government officials, progressing southern Rukwa Helium Project, and completing acquisition for a stake in the Galactica-Pegasus project in Colorado, USA. Drilling rig Epiroc 220 is ready for operations in the southern Rukwa region.
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