Tai-3 Commencement of Drilling
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.
25 September 2023
Helium One Global Ltd
("Helium One" or "the Company")
Tai-3 Commencement of Drilling
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that the Tai-3 well commenced drilling on 25 September 2023.
Highlights
· Drilling has commenced at the Tai-3 well;
· Total depth ("TD") of 1,100m; expected to be reached approximately two weeks from spud;
· Targeting multiple reservoir targets in the Lake Bed Formation, the Karoo Group and Basement;
· Geolog undertaking mudlogging whilst drilling to monitor helium gas shows;
· Portable mass spectrometer on site to measure and validate helium gas shows encountered;
· Baker Hughes wireline equipment and personnel onsite with equipment being tested ahead of running wireline once TD has been reached; and
· TD to completion of evaluation of logs and collection of downhole samples is anticipated to take a further two weeks.
Background and Further Information
With all drilling crew, third party services equipment and personnel onsite, the Tai-3 well was successfully spudded this morning. The team are currently drilling ahead to section TD prior to running the 20" conductor. The conductor prevents unconsolidated rock entering the well, before proceeding to drill the 17.5" hole section.
Whilst drilling, Helium One will measure gas shows using Geolog's mudlogging services and a portable mass spectrometer. After TD has been reached, Baker Hughes will then rig up and run their wireline tools. Once the wireline logs are run and evaluated, the Company will then run in hole to evaluate further with Baker Hughes' Reservoir Characterisation Instrument ("RCI") tool to take downhole samples under reservoir conditions. Onsite, there is also the facility to transfer and evaluate these samples, as well as the capability to send duplicate samples for laboratory analyses in a leading noble gas laboratory.
The whole process from spud to completion of logs and initial analyses is expected to take approximately four weeks, after which the Company will make a further announcement.
The containerised camp is now fully setup and operational at the wellsite to minimise crew movements during 24hr operations. The camp has capacity to house ~60 personnel, including Helium One's national staff who are employed for the duration of the project.
The Company is engaged with the University of Dar es Salaam, who have selected a member of staff from their School of Mines and Geosciences to be assigned to the drilling project, to gain valuable experience as well as transfer of skills for what is a flagship project in Tanzania.
A separate batch of rock cuttings from the well will also be sent to the Geological Survey of Tanzania (GST), the scientific department of the Government which sits under the Ministry of Minerals.
The Company expects to make a further announcement once TD has been reached.
Lorna Blaisse, Chief Executive Officer, commented:
"This is a huge and very exciting milestone for the Company. The operations that we are undertaking are a significant shift in both scale and approach from what we undertook in Phase 1. The team have worked exceptionally hard to get to this point and we are focused on delivering a safe and successful drilling campaign.
By adopting an oil & gas best practice approach to this drilling campaign from drilling, logging and sampling, right through to HSE guidelines and procedures, we are giving ourselves the best possible opportunity to deliver success at Tai-3.
We look forward to providing further updates once TD has been achieved and once the logs and initial analyses have been completed."
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 |
+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.
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