Times Newspaper today6 Feb 2024 05:47
Helium One Global’s stock market value doubled on Monday after the gas exploration outfit announced a discovery at its Rukwa project in southwestern Tanzania.
The Aim-listed company said its Itumbula West-1 well had successfully flowed a high concentration of helium, with concentrations reaching 4.7 per cent.
“Flowing helium to surface in such high concentrations is a huge milestone for the company,” Lorna Blaisse, chief executive of Helium One, said, adding that management would focus on achieving “commerciality at the earliest opportunity”.
In addition to finding helium, the group also discovered that hydrogen flowed to the surface during testing.
Helium One, which floated on the stock market in 2020, operates three assets in Tanzania: Rukwa, Balangida and Eyasi.