Helium One Global Advances Towards Extended Well Test at Rukwa Project

Helium One Global (AIM: HE1), a leading helium exploration company in Tanzania, has provided a significant update on its Rukwa project, which is wholly operated by the company. The update comes as the company prepares for the extended well test (EWT) at the Itumbula West-1 (ITW-1) site.

The ITW-1 well is on track for deepening, with the EWT scheduled to commence in July. The company-owned drilling rig is already on-site, and third-party services are being set up ahead of the spudding. To ensure efficient operations, Helium One has acquired additional well control equipment to enhance the capabilities of its drilling rig.

The company has also appointed a seasoned drilling crew for the EWT operations, with personnel mobilization currently underway. Long lead items necessary for the drilling operations have started arriving at the site, ensuring that the spud can commence as planned in July.

In preparation for the EWT, the remobilization of camp personnel and medical support to the site is in progress. This step is crucial to provide the necessary infrastructure and safety measures for the upcoming operations.

Helium One has secured a contract with the global technology firm SLB, formerly known as Schlumberger, to provide essential services for the EWT. These services include cementing, drilling and completion fluids, as well as surface well test equipment and support. Additionally, GeoLog International BV has been contracted to deliver mudlogging services, ensuring comprehensive monitoring and analysis during drilling.

Laboratory results of helium samples from the ITW-1 well have confirmed the measurements made by the onsite field PVT laboratory, providing further confidence in the project's potential. This consistency in data is vital for validating the helium presence and guiding future exploration efforts.

The second phase of the Environmental and Social Impact Assessment (ESIA) study, required for the feasibility study, is ready to commence. This phase is crucial for assessing the environmental and social implications of the project and ensuring compliance with regulatory requirements. Alongside this, the feasibility study and subsurface modeling are underway, with the goal of integrating the EWT results to inform the upcoming mining license application.

Helium One Global's progress at the Rukwa project marks a significant step forward in its mission to become a leading helium producer. The successful execution of the EWT and subsequent integration of its results will be pivotal in advancing the project towards commercial production. The company's comprehensive preparations and strategic partnerships underscore its commitment to achieving operational excellence and delivering value to its stakeholders.