RE: RNS16 Feb 2026 09:02
Highlights
· Successful completion of Electrical Submersible Pump ("ESP") testing at ITW-1 at the southern Rukwa Helium Project with zero Lost Time Injuries
· Produced over the equivalent of 250,000 barrels ("bbl") of water over a testing period of 20 days, with flow rates of up to an equivalent of 16,400 barrels per day ("bpd") - a six-fold increase in flow rate, compared with natural flow during the 2024 Extended Well Test ("EWT")
· Sustained helium concentrations of 5.4% (air corrected) with a maximum concentration of 9.2% (air corrected) at surface
· Sustained average measured gas water ratio ("GWR") readings of 0.06 m3/m3 (0.05 Sm3/Sm3 corrected for stp1) with a peak of 0.1 m3/m3 (0.08 Sm3/Sm3 corrected for stp1) during the continuous flow period
· Downhole temperature measurements and salinities suggest mixing from both Basement sourced fluids and a Karoo Group aquifer
· Upon shut in, the wellhead pressure and downhole pressure quickly re-pressurised indicating encouraging reservoir support
· Strategic farmout process to commence to identify and select a suitable industry partner
James Smith, Chairman, commented:
"The successful completion of the ESP testing programme represents an important operational milestone for Helium One and further demonstrates the production potential of the southern Rukwa Helium Project.
The testing delivered consistent and reliable operational performance, with ESP flow rates exceeding expectations and sustained helium concentrations in line with anticipated ranges. Whilst the gas water ratio was towards the lower end of the expected outcome range, the results provide valuable technical insight and further support the Company's understanding of the subsurface system.
Importantly, the operational success of this programme provides a strong foundation for the Company to progress discussions with potential industry partners and seek external investment to advance the project towards development. The Company intends to commence this process imminently.
The Board looks forward to updating shareholders as the Company continues to advance the southern Rukwa Helium Project towards commercial development."
Lorna Blaisse, Chief Executive Officer, commented:
"The ESP has effectively demonstrated that we can produce over 16,000 bpd and maintain consistent levels of helium concentrations over an extended period of time whilst managing the water disposal at surface.
We now need to increase our understanding of the Basement fault and fracture play, where we believe there is the potential to increase GWRs and helium concentrations. In order to do this, a further work programme will be required, and we will commence a strategic farmout process to seek an industry partner to help us deliver this.
I would like to thank the teams for all their efforts during this operational phase and extend my thanks to the local communities for their ongoing support of th
Sign In
Follow the stocks
