Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) chief executive Lorna Blaisse joins Proactive's Stephen Gunnion to recap what the company has billed as a transformational period.
The drill stem test (DST) of the company's Itumbula West-1 well in Tanzania has measured a minimum flow rate of 0.5 million cubic feet per day, with a helium concentration of 4.7%. Encouragingly, Blaisse said the absence of other hydrocarbons position it uniquely in the global helium market.
Blaisse said the interim results from the drill stem tests at Itumbula are encouraging, with the company planning an extended well test at the Tai-1 site to better understand the gas flow over a longer period.
Helium One Global's pure helium play differs significantly from other helium sources, which are typically byproducts of hydrocarbon gas production, with lower helium concentrations. The company's high helium concentration and the absence of other gases allow for a smaller, more cost-effective processing plant design.
Moving into an extended well test and appraisal phase, Blaisse said Helium One aims to transition from exploration to appraisal, leveraging its proprietary drilling rig for further exploration and potentially deepening the Tai-3 well. The rig is currently hot stacked, ready for quick deployment, with operations planned as early as the third quarter of 2024.
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