Last checked at 14 Mar 2022 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.
14 March 2022
Helium One Global Ltd
("Helium One" or "the Company")
Rukwa Update and AGM Presentation
Helium One Global (AIM: HE1), the primary helium explorer, is pleased to provide an update on progress at its Rukwa (100%) project area in Tanzania ahead of a public presentation to be given at the Company's Annual General Meeting ("AGM") which will be held at 4:00 p.m. GMT on 14 March 2022.
2D Seismic Interpretation
Helium One's ongoing interpretation of Phase II 2D Seismic data has identified multiple areas of interest with potential closure at both the Lake Bed and Karoo Group levels. The area surveyed was not previously covered by historic 2D seismic, so any newly identified closures would be additional to the Company's current resource base and prospect portfolio.
The Company intends to complete additional work on the areas of interest to identify drill-ready prospects. This will be done through ongoing 2D Seismic interpretation integrating data from Airborne Gravity Gradiometry, Multispectral Satellite Spectroscopy, Electrical Resistance Tomography and QEMSCAN data. This information will feed into risk weighting and volumetric analysis which will, in turn, feed into prospect prioritisation ahead of our planned 2022 drilling campaign.
Drilling Rig Update
Helium One is in advanced discussions with a leading global drilling company for the provision of a containerised rig solution. A containerised rig has the drawworks capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs.
AGM Presentation
As previously notified, the Company's AGM will be held at 4:00 p.m. GMT on 14 March 2022 at the offices of Hill Dickinson LLP at 8th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW. Shareholders are encouraged to attend the AGM virtually by signing into the AGM Webinar, which will be hosted by the Investor Meet Company platform. Please register attendance on the following link: https://www.investormeetcompany.com/helium-one-global-ltd/register-investor.
Presentation materials used at the AGM will also be uploaded to the Company website www.helium-one.com at the time of the event.
David Minchin, Chief Executive Officer, commented:
"I am delighted to be able to report on the excellent progress that our team is making. Indications coming from ongoing interpretative work on 2D Seismic are very exciting and the team are confident that a number of new prospects will be generated, enhancing our portfolio of drill ready targets. Within a very competitive drilling rig market, driven by increased oil and gas prices, the Company remains confident that we will secure a suitable rig for drilling at Rukwa within the 2022 drilling season."
For further information please visit the Company's website: www.helium-one.com
Contact
Helium One Global Ltd David Minchin, 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 was founded in September 2015 to explore, develop, and ultimately, become a producer of low-carbon helium, a critical material that is essential in many modern technologies.
Helium One has identified a globally unique, large-scale, high-grade, primary helium project in Tanzania with the potential to become a strategic asset in resolving a supply-constrained market.
Helium One's assets are located within the rift basins on the margin of the Tanzanian Craton. The Company has secured 18 Prospecting Licences covering more than 4,512 km² in three distinct project areas: the Rukwa, Balangida and Eyasi projects. These are located near surface seeps with helium concentrations ranging up to 10.6% He by volume.
The Company's flagship Rukwa Project is located within the Rukwa Rift Basin covering 3,448km2 in south-west Tanzania. The project is considered to be an advanced exploration project with a portfolio of leads and prospects defined by high-resolution gravity gradiometry, and modern and historic 2D seismic. 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.
SRK Consulting have reported a 'Best Estimate' Un-risked Prospective Resource of 138 Bcf (2U/P50) for the Company's Rukwa Project, meaning that the project has potentially strategic global implications with the ability to significantly resolve helium supply/demand issues.
All Helium One's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.
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.