TIDMHE1
RNS Number : 8158J
Helium One Global Ltd
26 August 2021
26 August 2021
Helium One Global Ltd
("Helium One" or "the Company")
Completion of 2021 Drilling Campaign
Commencement of Phase 2 Exploration
Helium One (AIM: HE1) is pleased to announces the completion of
its 2021 exploration drilling campaign with significant new data to
move rapidly to Phase 2 exploration work at its 100% owned Rukwa
Project in Tanzania .
Highlights:
-- Definition of a working helium system in the Rukwa Basin,
de-risking our 3,500km(2) license area
-- Greater knowledge of helium geology allows identification of
'Shallow' and 'Deep' target types for Phase 2 Exploration
-- New 'Shallow' targets can be investigated by appropriate
geophysical techniques to identify prospects for low-cost
drilling
-- New 'Deep' structural targets beneath well-developed 130m
thick Top Karoo seal can be investigated by 2D infill seismic on
defined gravity targets
-- Company well financed with GBP10m to advance the Rukwa Basin towards discovery
-- Tai-2, although completed without identifying helium gas, has
provided valuable information on shallow trap and seal
potential
Ian Stalker, Non-Executive Chairman, commented:
"Work undertaken so far in 2021 has significantly de-risked the
Rukwa Basin by demonstrating a working helium system. Helium One
maintains 100% ownership of licences at Rukwa covering
approximately 3,500km(2) in what must now be considered the world's
premier basin for helium exploration.
"With our maiden exploration campaign clearly demonstrating
prospectivty at multiple levels across the basin, the Company can
now move rapidly to develop a Phase 2 exploration programme that
offers value for money. Using various geophysical techniques, we
can quickly and cheaply advance both 'Shallow' and 'Deep' target
types to de-risk our ability] to make a commercial discovery with
Phase 2 drilling.
"The Company is well financed to deliver Phase 2 with a focus
maintained on cost-effective exploration as we develop Rukwa
towards discovery."
David Minchin, Chief Executive Officer, commented:
"We are excited by the results of the 2021 exploration drilling
campaign which, although stopping short of flowing gas to surface,
has produced significant information enabling Helium One to define
a two-track exploration route to develop Rukwa towards
discovery.
"Results from Tai-1 have shown a prolific basin with helium
shows identified at multiple levels from near surface to basement.
Tai-2 has verified the potential for development of newly
identified 'Shallow' traps within the Lake Bed Formation, which has
the capacity to open a pathway to low cost exploration and
development of near surface gas deposits.
"The identification of a 130m thick sealing unit at the top of
the Karoo Formation, and presence of untested helium shows within
Karoo reservoir, demonstrates potential for 'Deep' structural traps
within the Karoo Formation. The Top Karoo seal is predicted to be
best developed away from the basin margin, encouraging us to focus
exploration efforts on improving resolution over already identified
Falcon Gravity Gradiometry targets to the north of Tai and Itumbula
structures."
Details
Helium One has completed its 2021 exploration drilling campaign
with the identification of a working helium system in the Rukwa
Basin. Drilling has demonstrated seal, reservoir, and trapping
geometries as well as identified a charge mechanism in the basin
away from known surface seeps. The identification of a
well-developed sealing claystone 130m thick at the top of the Karoo
Formation demonstrates sufficient sealing capacity in the basin to
support the trapping of helium gas within the untested reservoir
formations beneath. Additional helium shows on multiple horizons,
including beneath marginal sealing clays in the Red Sandstone
Formation and shallow traps in the Lake Bed Formation, indicate
potential for multiple prospective intervals within a productive
system.
Shallow Target Type
Tai-2, which was completed without identifying helium gas, has
provided valuable information on shallow trapping potential. The
well targeted continuation of a 2.2% helium show identified in a
sandstone interval at 70.5m in Tai-1: A high-grade gas show which
potentially indicates free gas in the subsurface. Wireline logging
of Tai-2 demonstrated continuous clay over this interval,
suggesting that the reservoir in Tai-1 pinched out against clay,
which provides both vertical and lateral seal.
The new Shallow target traps offer an opportunity for a low-cost
route to explore and develop a helium gas deposit. Current seismic
data does not accurately resolve trapping styles at a shallow
depth. Helium One is therefore reviewing several alternative
low-cost geophysical techniques to test over known structures in
the Tai area, before deployment over a wider area in the basin.
Drilling of the shallow traps will be cheaper than testing deep
targets and could potentially be conducted using a light-weight
water-rig, or similar rig capable of producing a stable hole,
possibly opening the option to conduct drilling operations over the
wet-season.
Deep Target Type
Tai-1 demonstrated good quality sealing units above reservoirs
in the Top Karoo, a factor that was considered to be one of the
highest geological risks prior to drilling. Using existing infill
2D seismic data we have been able to accurately map the continuity
of this sealing unit across the Tai prospect, with the thickness
and quality of the sealing unit predicted to increase towards the
basin centre.
Helium One have recognised a number of large structures
identifiable on Falcon Gravity Gradiometry data as well as recent
and legacy seismic data. These structures are onshore northern
extensions of the Itumbula and Tai structures and have potential to
demonstrate stacked targets at multiple levels of prospectivity.
The areas require further infill seismic to improve resolution and
continue mapping of Top-Karoo seal over these prospects. Helium One
is investigating the potential to mobilise infill seismic before
the wet season, leading to the design of a deep drilling programme
in 2022 to test these targets with an appropriately sized drilling
rig.
Next Steps
Helium One remains well financed for the proposed exploration
programme with a cash position of ten million pounds. By focussing
on using various geophysical techniques to reduce geological risk
and improve drill targeting, the Company remains committed to
cost-effective exploration. Helium One plans for rapid deployment
of Phase 2 exploration activities and is working to mobilise
various geophysical investigations before the commencement of
seasonal rains in November.
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
Beaumont Cornish Ltd (Nominated
Adviser)
James Biddle
Roland Cornish +44 20 7628 3396
Canaccord Genuity Limited (Joint
Broker)
Adam James +44 20 7523 8000
Peterhouse Capital Limited (Joint
Broker)
Lucy Williams +44 20 7220 9792
Tavistock (Financial PR)
Nick Elwes +44 20 7920 3150
Notes to Editors
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. Through Helium One's subsidiary
companies Gogota (Tz) Limited, Stahamili (Tz) Limited and Njozi
(Tz) Limited, the Company has secured 18 Prospecting Licences
covering more than 4,512 km(2) in three distinct project areas: the
Rukwa, Balangida and Eyasi projects. These are located near surface
seeps with helium concentrations ranging up to 10.5% He by
volume.
The Rukwa Project is located within the Rukwa Rift Basin
covering 3,448km(2) in south-west Tanzania. The project is
considered to be an advanced exploration project and the company
has identified 4 prospects and 21 leads based on historical
drilling, reprocessed seismic lines, high resolution gravity
survey, and surface seep analyses.
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 HOGLF.
Technical Sign off
Lorna Blaisse, the Principal Geologist of the Company, who has
over 15 years of relevant experience in the Oil and Gas Industry,
has approved the information contained in this announcement. Lorna
Blaisse is a fellow of the Geological Society of London and a
member of Petroleum Exploration Society of Great Britain.
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END
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