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Helium One starts seismic collection at Rukwa

Published: 07:33 29 Mar 2021 BST

Helium One Global Ltd -

Helium One Global Limited (LON:HE1) said in-fill seismic data collection is underway ahead of its maiden drilling programme at Rukwa in Tanzania, which is scheduled to start in mid-May.

Taking seismic data gives the flexibility to move straight from exploration to appraisal, further fast-tracking the timetable, HE1 added.

A drilling contract with Mitchell Drilling for an initial three-well programme was signed last week that includes an option over a fourth hole.

Ian Stalker, chairman, said the company has made rapid progress since it raised £6mln and listed on Aim in December.

“This has been an incredibly exciting time for Helium One.  In the period under review, we completed our listing on AIM and also secured finance for our aggressive exploration programme.

“We are now delivering this programme which is advancing at pace and on budget. The infill seismic data that is being acquired is the last stage prior to defining the optimal drill locations for our drilling campaign, expected to commence in mid-May.

“With the upgraded drill rig supplied by Mitchell Drilling, we have the operational flexibility to move straight from exploration to appraisal, further fast-tracking the operations whilst saving considerable money.

“We believe our current campaign has the potential to show that Rukwa is a clean sustainable project with significant global implications in a supply-constrained helium market."

HEI added it ended the six months ended 31 December 2020 with net cash of US$6.6mln. Losses for the half-year were US$3.9mln, which included an impairment of US$2.28mln for the merger with Attis Oil and Gas.

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