Successful EWT at ITW-1 flows up to 7.6% He
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.
27 August 2024
Helium One Global Ltd
("Helium One" or "the Company")
Successful extended well test in faulted Karoo interval at ITW-1 flows up to 7.6% helium
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that it has completed the first phase of the extended well test ("EWT") at Itumbula West-1 ("ITW-1") and has successfully flowed up to 7.6% helium to surface.
Highlights
· Successful completion of the EWT on the faulted Karoo Group interval flows up to 7.6% helium
· The well flowed an average of 786 barrels per day ("bpd") of fluid on a 22/64ths of an inch choke setting
· The well naturally flowed for a period of five days with helium gas in solution, and little to no air contamination in what has been determined to be a pure helium/nitrogen mix
· Onsite pressure-volume-temperature ("PVT") laboratory and portable Mass Spectrometer measured helium concentrations
· The Company is now in the process of undertaking the second EWT in the fractured Basement
Details
After running and cementing the slotted casing, the Company commenced the planned EWT operation across the first of two intervals in the ITW-1 well. As reported in February 2024, this well previously flowed 4.7% helium to surface from Basement during a Drill Stem Test.
Through the EWT, the Company has now successfully flowed the well across the faulted Karoo Group interval for a period of five days, and the maximum helium gas measured from solution yielded a compositional mix of 7.6% helium (uncorrected for air contamination), 1.7% argon, 0.7% oxygen and 90% nitrogen. These results were evaluated using an onsite Mass Spectrometer and verified from downhole samples by a field PVT laboratory at the well site. The 7.6% helium was air corrected to 7.9% helium, giving confidence in the onsite measurement process. A measured helium concentration of 7.6% equates to over fourteen thousand times above background levels (5.3parts per million).
Over the five-day test period, the well flowed an average of 5% helium (uncorrected). It was also observed that the concentration of hydrogen decreased as helium increased, yielding a maximum measured hydrogen concentration of 1.2%.
The well was initially choked to 20/64ths and flowed for ~22.5 hours with an average flow rate of ~688 bpd of fluid. The well was then choked back to 22/64ths and then flowed for ~16 hrs with an average flowing rate of ~786 bpd of fluid.
The data is currently being evaluated by the Company's subsurface team and a maximum flow rate will be determined following the completion of the Basement EWT.
The Company has now moved to the Basement to continue the EWT at that interval, including opening up the well fully to obtain a maximum flow rate. The Company looks forward to providing further updates in due course.
Lorna Blaisse, Chief Executive Officer, commented:
"We are very pleased with these results from the EWT in the faulted Karoo interval. This is a globally unique helium play and it has taken a lot of hard work and collective effort across multiple disciplines to establish how this system works in the southern Rukwa Basin.
We have gained a huge amount of information from this Karoo EWT and look forward to seeing what the fractured Basement EWT is going to yield. Once we have completed testing on this second interval, we plan to finalise our integrated subsurface modelling and resource estimates to complete our feasibility study."
For further information please visit the Company's website: www.helium-one.com
Contact
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Helium One Global Ltd Lorna Blaisse, CEO Graham Jacobs, Finance and Commercial Director |
+44 20 7920 3150 |
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Panmure Liberum Limited (Nominated Adviser and Joint Broker) Scott Mathieson Nikhil Varghese |
+44 20 3100 2000 |
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Zeus Capital Limited (Joint Broker) Simon Johnson Louisa Waddell |
+44 20 3829 5000
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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 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% helium by volume. All Helium One's licences are held on a 100% equity basis.
The Company's flagship southern Rukwa Project is located within the Rukwa Rift Basin covering 1,900km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 drilling campaign, which has proved an established helium system where the Itumbula West-1 exploration well successfully flowed 4.7% helium to surface in Q1 2024. Additional follow-on leads and prospects are defined by subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis.
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.
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