Helium One Global plc (LON:HE1), the primary helium explorer, has provided an update on progress at its Rukwa project area in Tanzania ahead of a public presentation to be given at the Company’s Annual General Meeting which will be held at 4:00 p.m. GMT on 14 March 2022.
2D Seismic Interpretation
Helium One’s ongoing interpretation of Phase II 2D Seismic data has identified multiple areas of interest with potential closure at both the Lake Bed and Karoo Group levels. The area surveyed was not previously covered by historic 2D seismic, so any newly identified closures would be additional to the Company’s current resource base and prospect portfolio.
The Company intends to complete additional work on the areas of interest to identify drill-ready prospects. This will be done through ongoing 2D Seismic interpretation integrating data from Airborne Gravity Gradiometry, Multispectral Satellite Spectroscopy, Electrical Resistance Tomography and QEMSCAN data. This information will feed into risk weighting and volumetric analysis which will, in turn, feed into prospect prioritisation ahead of our planned 2022 drilling campaign.
Drilling Rig Update
Helium One is in advanced discussions with a leading global drilling company for the provision of a containerised rig solution. A containerised rig has the drawworks capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs.
As previously notified, the Company’s AGM will be held at 4:00 p.m. GMT on 14 March 2022 at the offices of Hill Dickinson LLP at 8th Floor, The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW. Shareholders are encouraged to attend the AGM virtually by signing into the AGM Webinar, which will be hosted by the Investor Meet Company platform.
Presentation materials used at the AGM will also be uploaded to the Company website www.helium-one.com at the time of the event.
David Minchin, Helium One Chief Executive Officer, commented:
“I am delighted to be able to report on the excellent progress that our team is making. Indications coming from ongoing interpretative work on 2D Seismic are very exciting and the team are confident that a number of new prospects will be generated, enhancing our portfolio of drill ready targets. Within a very competitive drilling rig market, driven by increased oil and gas prices, the Company remains confident that we will secure a suitable rig for drilling at Rukwa within the 2022 drilling season.”