Completion of Extended 2D Seismic Campaign

RNS Number : 3339X

Helium One Global Ltd

04 May 2021

 

4 May 2021

Helium One Global Ltd

Completion of Extended 2D Seismic Campaign and Identification of New Priority Prospects

Helium One (AIM: HE1) ("Helium One" or "the Company") is pleased to announce the completion of its extended infill 2D seismic campaign and identification of new priority drill ready targets ahead of commencement of exploration drilling programme at Rukwa Project (100%) in Tanzania.

Highlights:

· Completion of an extended 200km 2D seismic campaign, including an additional 50 line kilometres providing further data on new priority prospects

· Modern seismic data is of a higher quality than earlier work, resulting in a better understanding of the subsurface and reassessment of geological risk across our portfolio

· Improved data resolution over multiple prospects, highlighted by an upgrade of the Tai prospect, with stacked targets believed to be across a larger area than those interpreted from historical data

· Zero lost-time injuries and no HSE incidents across 97,280 man-hours of remote working

· Ongoing seismic interpretation supports improved drill targeting over the three / four hole exploration drilling campaign, now commencing in early-June with first hole planned at Tai prospect

David Minchin, Chief Executive Officer, commented:

"We are delighted to have successfully completed our extended infill 2D seismic campaign, which has provided high-quality data across multiple prospects.  Based on encouraging early results, the seismic campaign was expanded with an additional 50 line kilometres of acquisition over new priority prospects.

"Safety is of paramount importance when working in a remote location.  We are very grateful to our consultants and supervisors, but especially appreciative of the dedicated teams of workers recruited from local villages, who have been able to deliver this seismic campaign with zero lost-time injuries.

"Additional data has resulted in a reprioritised drilling campaign with drilling starting over a faulted 3-way dip closure at Tai, with multiple stacked targets. This prospect is believed to be larger than interpreted from historical data, which has contributed to the Technical Team's decision to upgrade Tai from a 'low-priority' to 'must-drill' target.  Drilling will therefore begin in early-June, giving additional time for road and drill pad construction at this new site. 

"We look forward to commencing our exploration drilling reinforced by high-quality, modern, 2D seismic data."

Infill Seismic Campaign

In mid-February of this year, Helium One commenced an infill 2D seismic campaign consisting of 150 line kilometres of seismic acquisition, targeting shallow trap structures identified from historic seismic and gravity data.  Closely spaced seismic data acquisition focussed on areas of known prospectivity to provide greater clarity over subsurface structures which Helium One believed to have the highest chances of successfully discovering helium. 

Data acquisition commenced in mid-March and, following encouraging early results, the decision was made to extend the seismic campaign with the acquisition of an additional 50 line kilometres of 2D seismic.  Additional line kilometres targeted several new and high priority closures including Tai, Mbuni, Mamba, Chiruku and Itumbula.

Initial data interpretation has upgraded and expanded the Tai prospect, which was poorly defined on legacy seismic data, but now clearly demonstrates a faulted 3-way dip closure concurrent with a gravity high.  New data has identified stacked targets within multiple closures over an expanded area that we now plan to test as our first drill well. 

By focussing on stacked closures in our first exploration well, Helium One hopes to identify charged horizons with the highest quality seal to assist in the planning of subsequent wells.  Relocating our first well to Tai will necessitate approximately two weeks of additional time required to upgrade existing tracks, construct a drill pad, and receive all necessary regulatory permits to commence drilling at this new location.

The newly acquired 2D seismic data is of good quality with a greater understanding of subsurface geology.  Modern data allows improved interpretation of structuration and trapping styles, and aids a better understanding of reservoir characteristics and reservoir-seal pairs within each stratigraphic sequence.  Ongoing seismic interpretation supports improved drill targeting for our maiden exploration campaign, which is now planned to commence drilling in early-June.

For further information please visit the Company's website: www.helium-one.com  

Contact

Helium One Global Ltd David Minchin, CEO	[phone]
Beaumont Cornish Ltd (Nominated Adviser) James Biddle Roland Cornish	[phone]
Canaccord Genuity Limited (Joint Broker) Adam James	[phone]
Peterhouse Capital Limited (Joint Broker) Lucy Williams	[phone]
Pello Capital (Retail Broker) Callum Hill	[phone]
Tavistock (Financial PR) Nick Elwes	[phone]

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 km² 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 3,448km² 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 Blaise, 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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