TIDMHE1
RNS Number : 4606T
Helium One Global Ltd
15 November 2023
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.
15 November 2023
Helium One Global Ltd
("Helium One" or "the Company")
Operational update
Helium One Global (AIM: HE1), the primary helium explorer in
Tanzania, is pleased to provide the following update on Tai-3
operations.
Highlights
-- The Company has now successfully pulled the drill string out of hole at Tai-3
-- Wireline operations and initial logging underway
-- Downhole sampling to commence once logging is complete, with capability for onsite analysis
Details
The Company has successfully pulled the drill string out of hole
at the Tai-3 well. This was achieved by isolating and repositioning
various components of the iron rough neck and, whilst this does not
represent a long-term solution to the rig problems, it has enabled
the Company to safely retrieve the drill pipe and bottom hole
assembly, comprising of the heavy weight drill pipe and drill
collars, from the hole.
The hole conditions remain good, and after removal of the drill
string, the Company took the opportunity to move directly to
wireline operations, as this does not place any reliance on the
rig's hydraulics nor the iron rough neck. The logging tools from
the initial logging run encountered some washouts and ledges in the
Lower Karoo, therefore the tools were only able to reach 1,430m MD
and not to TD at 1,448m MD.
Helium One plans to commence a downhole sampling programme
shortly, using a Baker Hughes Reservoir Characterisation Instrument
that is designed to obtain gas samples from identified zones of
interest under reservoir conditions. If the sampling is successful,
Helium One have the capability to transfer and evaluate these
samples at the wellsite using field pressure-volume-temperature
analysis in order to determine the gas composition.
The Company is currently still determining the timelines
required for a full rig repair. But the priority at this stage is
to complete the wireline logging and acquire downhole samples. The
samples will then be evaluated at site so that an informed decision
with respect to Helium One's forward operational programme can be
made.
The Company will provide further updates on the sampling and the
forward operational programme in due course.
Lorna Blaisse, Chief Executive Officer, commented:
"The team at site have done an outstanding job working
innovatively and proactively to ensure we were able to safely pull
the drill string out of the hole. This surpassed all expectations
and we're delighted to now be in the position of having commenced
wireline operations and planning downhole sampling to fully
evaluate the Tai-3 well.
Whilst the setback with the rig is incredibly frustrating, we
have overcome a number of operational hurdles and remain focussed
and confident that when the rig is back up and running, we will be
in a stronger position for future wells."
James Smith, Non-Executive Chairman, commented:
"This is an incredibly dynamic situation, and whilst we continue
to work towards evaluating the repairs required to the Epiroc
Predator 220 drilling rig, and the timeline required to deliver
these repairs, we are pleased to provide this update to our
shareholders.
Since Friday, we have done all we possibly could to move Tai-3
operations forward, and everyone has worked exceptionally hard to
get to this point. Once we have obtained and assessed downhole
samples and determined the extent and timing of the necessary rig
repairs, we will be able to provide an updated forward operational
programme."
For further information please visit the Company's website:
www.helium-one.com
Contact
Helium One Global Ltd +44 20 7920
Lorna Blaisse, CEO 3150
Liberum Capital Limited (Nominated Adviser
and Joint Broker)
Scott Mathieson
Ed Thomas +44 20 3100
Nikhil Varghese 2000
Peterhouse Capital Limited (Joint Broker) +44 20 7220
Lucy Williams 9792
Tavistock (Financial PR)
Nick Elwes +44 20 7920
Tara Vivian - Neal 3150
Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds
prospecting licences totalling more than 2,965km(2) 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 1,900km(2) 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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