Helium One Global defined substantial milestones in its half-yr document on Thursday, which include the purchase of the Epiroc Predator 220 drilling rig, which it said were efficiently mobilised to the Rukwa web site.
The AIM-traded company stated the begin of the second one drilling marketing campaign in the 0.33 area proceeded as scheduled.
Notably, the drilling of the Tai-three properly become completed, achieving a complete depth of one,448 metres measured intensity, imparting valuable statistics for information the location and identifying the comply with-on Itumbula prospect.
Financially, Helium One raised £12.9 million before charges through two fundraises in September and December, ensuing in a internet coins stability of $8.7 million through 31 December.
Since the half-year ended, the business enterprise had drilled the Itumbula West-1 well, achieving a complete intensity of 961 metres measured intensity at a revised nicely place.
Subsequently, giant discoveries had been made, with the nicely flowing a excessive concentration of helium at four.7% and hydrogen at 2.2% to the floor.
Those concentrations have been heaps of times above heritage tiers, indicating promising ability for commercial extraction.
Moreover, warm basement fluids exceeding eighty ranges Celsius have been encountered throughout the fault zone, regular with helium and hydrogen susceptible periods.
To similarly strengthen the venture, Helium One had raised £4.7 million earlier than costs through a employer-led placing.
Despite the complexity of operations, the organisation maintained a strong safety document, with 197 working days finished because the spud of the Tai-3 nicely, boasting 0 lost time injuries.
“This has been an extremely busy and transformational duration for the enterprise, specifically submit the half yr-end,” stated chairman James Smith.
“The acquisition of our very own rig in July 2023 enabled us to begin our 2d drilling marketing campaign and gives us with large optionality going ahead, whether or not that be to drill extra wells efficaciously and quickly or as a future sales circulation for the organization.
“Helium One’s segment drilling campaign has been very a success.”
Smith said Tai remained an interesting prospect which have been logged and sampled, while the Tai-3 nicely were cased and suspended.
“The consequences from Itumbula can best be seen as transformational for the agency – flowing helium concentrations at those ranges to floor could position Itumbula within the top segment of most important helium generating fields and this fulfillment is a testomony to the hard work of the crew and their expertise.
“The results acquired across both wells will now hold our attention as we look to assess the fine way to enhance this assignment inside the handiest manner viable.
“This is an thrilling time for the organization, and we would love to thank all our stakeholders, nearby communities and the government of Tanzania for his or her persevered help and look forward to presenting in addition updates in the near future.”
