Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has told investors that the Tai-3 well has successfully encountered helium shows whilst drilling in the Lake Bed Formation and the Karoo Group.
The well programme continues, meanwhile, the exploration company also noted that the Basement reservoir target has come in deep to prognosis and is yet to be reached.
The drilling schedule is being extended to 1,550 metres, from a current depth of 1,445 metres.
"We are pleased with the current results of Tai-3 with encouraging helium shows encountered in the Lake Beds and the Karoo,” chief executive Lorna Blaisse said in a statement.
“These initial results still need further evaluation to determine the full extent of what we have at Tai and where there may be gas-bearing intervals.
Progress has paused temporarily, after the drill rig yesterday encountered a mechanical and an electrical fault.
“We are confident we will resolve these issues quickly so we can get back to drilling and target the remaining reservoir in the basement,” Blaisse added.
It is planned that the Basement target should be reached quickly, once drilling resumes, and following that the company intends to complete a comprehensive wireline programme to fully evaluate the helium shows encountered whilst drilling.