Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) told investors it has successfully drilled the Itumbula West-1 well to its total depth of 961 meters, with the well encountering elevated helium shows described as “over twenty times the background levels”.
These gas shows were observered whilst drilling through the Lake Beds formation along with the Red Sandstone Group, Karoo Group, and Basement targets.
The company also noted that the well has shown elevated hydrogen levels - particularly in the Lake Beds, where it was measured "over two thousand times above background".
"The initial results from the Itumbula West-1 well are very positive,” chief executive Lorna Blaisse said in a statement.
“We have encountered elevated helium shows, as the team had anticipated pre-drill, all the way to basement.”
Next, the company intends to conduct wireline operations for a comprehensive formation evaluation.
This will be followed by further testing, to determine the full potential of helium and hydrogen in the well.
Blaisse added: “The wireline logs are the crucial next step in identifying which intervals we will test and sample for further evaluation.
“By running an image log this time around in conjunction with a full logging suite, and having the well test equipment on site, we are able to fully evaluate the helium, and hydrogen potential in this well and establish whether we have a viable helium and/or hydrogen play.”