Helium One Global Ltd (HLOGF)

[pro_s2009]

Here we have it then.......very good news.......well suspended now for future deppening into the basement. Strong Helium shows and samples taken.


https://www.londonstockexchange.com/news-article/HE1/tai-3-well-results/16215572

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that the Company has successfully completed wireline logging and downhole sampling at the Tai-3 well.



Highlights:

· Downhole fluid samples successfully recovered from reservoir intervals in the Upper and Lower Karoo Group confirm the presence of helium

· Complete wireline logs and initial petrophysical analyses demonstrate good quality reservoir sands in the Upper and Lower Karoo Group, interbedded with well developed shale prone seals; data recovered demonstrates a stratigraphic section, previously undrilled in the Rukwa Rift Basin

· Onsite pressure-volume-temperature analysis of downhole fluid samples have yielded helium concentrations up to 8,320 parts per million ("ppm") helium, which measure significantly above normal background levels of approximately 5ppm

· No Basement downhole samples were obtained as the wireline tools could not be run past 1,430m measured depth ("MD") due to washouts and ledges

· Tai-3 well has now been suspended for future operations that will involve drilling deeper into the Basement target, where an increase in helium shows were encountered whilst drilling

· Information and data obtained from the Tai-3 well results have provided a much greater understanding of the active working helium system in the region and a new well location on the Itumbula prospect has been identified as a result of these findings

· On completion of rigging down at Tai-3, the Company's drilling rig will be moved to the new Itumbula location where the iron rough neck and hydraulics will be repaired

· Upon completion of the repair and maintenance work, the Company plans to continue the drilling campaign


Lorna Blaisse, Chief Executive Officer, commented:

"These results are very encouraging indeed and we are delighted to have completed the Tai-3 well safely and to have been able to acquire a full set of wireline logs and downhole samples. This is an excellent result for the Company and a huge testament to the team's performance, especially given the challenges we have faced along the way.

Whilst disappointing that we were unable to run the wireline tools further into the Basement target at this time, given the increased helium shows we saw at this depth, we are confident that by casing the well and suspending Tai-3, we will be able to return at a later date and target the fractured Basement helium play which we believe to have significant potential.

We have continued to demonstrate that there is an established working helium system in the Rukwa Basin and the Tai-3 well has given us a fundamental set of geological learnings, which we now intend to apply to the Itumbula prospect.

Once Tai-3 has been rigged down we will move the rig to Itumbula where our primary focus will be on repairing the Predator 220 rig and, armed with valuable information and data gained from Tai 3, moving onto our second well of this drilling campaign on Itumbula."