Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) CEO Lorna Blaisse joined Proactive's Stephen Gunnion to share progress in the company's latest helium exploration campaign.
The company's Itumba West-1 has reached a depth of 961 meters, including 40 meters into the basement, surpassing its target zones and primarily targeting faults. Early indications are highly promising, and the company is gearing up for detailed logging and crucial well testing.
Blaisse noted that Itumba West-1 showed elevated helium levels, over 20 times the background level, a substantial improvement from previous wells. These preliminary results are yet to be confirmed with more accurate downhill samples, which will provide a clearer understanding of the helium concentration. This step is crucial for evaluating the true potential of the site.
Additionally, the company encountered elevated hydrogen levels in the Lake Beds Formation, suggesting a complex geological interaction. This discovery adds to the project's potential, as many global helium projects are associated with hydrogen.
The next steps for Helium One include detailed logging and well testing, which is expected to take approximately 7-10 days. This phase will include image logging to map fault zones accurately, guiding the positioning of packers for well testing. The company is optimistic about the increased helium concentration across the fault, aligning with their expectations.