Last checked at 10 Nov 2023 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
10 November 2023
Helium One Global Ltd
("Helium One" or "the Company")
Operational update
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, provides the following update on Tai-3 operations.
The Company's Epiroc Predator 220 drilling rig has encountered an issue with the hydraulic system which, as a result, is affecting the performance of the iron rough neck mechanism. Both the hydraulic system and the iron rough neck are critical to the operations of the rig and, as a result of this, the Company has had to temporarily shut down operations whilst the full extent of the issue is determined.
As a result of this, the Company is currently unable to pull the drill string out of the hole and has therefore been unable to commence wireline operations as planned. However, the drill pipe can still be rotated and drilling fluid circulated so wellbore stability remains good.
The Tai-3 results during drilling were very encouraging with helium shows up to six times above background at multiple levels, increasing in frequency and quality with depth. The Company and on-site team remain fully focused and committed to resolving this temporary setback so that the valuable wireline data and downhole gas samples can still be obtained.
The Company will provide further updates in due course.
Lorna Blaisse, Chief Executive Officer, commented:
"Whilst this delay is frustrating not only for the team, but also for our shareholders, we are hugely encouraged by the initial results from Tai-3 and are looking forward to a full and positive well evaluation as soon as this issue is resolved."
For further information please visit the Company's website: www.helium-one.com
Contact
Helium One Global Ltd Lorna Blaisse, CEO | +44 20 7920 3150 |
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Liberum Capital Limited (Nominated Adviser and Joint Broker) Scott Mathieson Ed Thomas Nikhil Varghese | +44 20 3100 2000 |
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Peterhouse Capital Limited (Joint Broker) Lucy Williams | +44 20 7220 9792 |
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Tavistock (Financial PR) Nick Elwes Tara Vivian - Neal | +44 20 7920 3150
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Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences totalling more than 2,965km2 across three distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.
The Rukwa, Balangida, and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. The assets lie near surface seeps with helium concentrations ranging up to 10.6% He by volume. All Helium One's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.
The Company's flagship Rukwa Project is located within the Rukwa Rift Basin covering 1,900km2 in south-west Tanzania. The project is considered to be an advanced exploration project with leads and prospects defined by a subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis. The Rukwa Project has been de-risked by the 2021 drilling campaign, which identified reservoir and seal with multiple prospective intervals from basin to near surface within a working helium system.
Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.