Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) told investors it has successfully deepened the Itumbula West-1 (ITW-1) well by a further 168 meters into the fractured Basement, reaching a new total depth of 1,129 meters measured depth (MD).
The company said it encountered ‘near-continuous helium and hydrogen shows’ while drilling, with levels notably higher than those encountered in previous phases.
It has now commenced preparations for casing the well, and, after that, it will conduct an extended well test (EWT) across the fractured Basement and faulted Karoo Group zones.
"We are pleased that we have been able to re-enter and deepen the ITW-1 well as planned,” chief executive Lorna Blaisse said in a statement.
“It has been very encouraging seeing the helium and hydrogen shows continuing whilst drilling this deeper section, and we look forward to evaluating the results further through the EWT.”
In Tuesday’s early deals, Helium One shares opened around 18% higher changing hands at 1.46p each.