TANZANIA: Helium One Global Provides Rukwa Update

2D Seismic Interpretation

Helium One’s ongoing interpretation of Phase II 2D Seismic data has identified multiple areas of interest with potential closure at both the Lake Bed and Karoo Group levels.  The area surveyed was not previously covered by historic 2D seismic, so any newly identified closures would be additional to the Company’s current resource base and prospect portfolio.

The Company intends to complete additional work on the areas of interest to identify drill-ready prospects.  This will be done through ongoing 2D Seismic interpretation integrating data from Airborne Gravity Gradiometry, Multispectral Satellite Spectroscopy, Electrical Resistance Tomography and QEMSCAN data.  This information will feed into risk weighting and volumetric analysis which will, in turn, feed into prospect prioritization ahead of our planned 2022 drilling campaign.

Drilling Rig Update

Helium One is in advanced discussions with a leading global drilling company for the provision of a containerized rig solution.  A containerized rig has the draw works capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs.

David Minchin, Chief Executive Officer, commented: 

“I am delighted to be able to report on the excellent progress that our team is making.  Indications coming from ongoing interpretative work on 2D Seismic are very exciting and the team are confident that a number of new prospects will be generated, enhancing our portfolio of drill-ready targets.  Within a very competitive drilling rig market, driven by increased oil and gas prices, the Company remains confident that we will secure a suitable rig for drilling at Rukwa within the 2022 drilling season.”