Itumbula West-1 well has successfully reached TD

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to provide the following update on the drilling of the Itumbula West-1 well.

Highlights

• Itumbula West-1 well successfully reached a total depth ("TD") of 961m measured depth ("MD") in Basement on 24th January 2024
• Elevated helium shows, over twenty times above background, have been consistently measured whilst drilling in the Lake Beds Formation, Red Sandstone Group, Karoo Group and Basement targets
• Helium shows increased in frequency and concentration across the encountered fault zones
• The well has also encountered elevated hydrogen shows, over two thousand times above background, in the Lake Beds Formation and sufficiently elevated in the Karoo Group and Basement
• Wireline operations will now be run for formation evaluation, followed by drill stem testing ("DST") across the faulted zone and additional zones of interest following full petrophysical evaluation of wireline logs

Details

The well has been successfully drilled to 961m MD and has reached its TD in granitic Basement. The well encountered elevated helium shows, over twenty times above background, whilst drilling through the Lake Beds Formation, Red Sandstone Group, Karoo and Basement targets. Elevated readings and an increased frequency of helium shows were encountered whilst drilling through the faulted zone.

An increase in temperature was also recorded which suggests the movement of deeply sourced fluids migrating along the fault, which is likely liberating the helium. The helium readings were measured from the drilling mud using the Micro Gas Chromatograph and validated using the onsite portable Mass Spectrometer.

In addition to helium, the well has encountered a high concentration of hydrogen in the Lake Beds Formation over a 6m interval. Hydrogen shows continued to be encountered throughout the Karoo section and into Basement.

The Company will now rig up for wireline operations to log the entire well. Following wireline operations, the Company will then perform an open hole well test (DST) across the faulted zone and additional zones of interest, once full petrophysical analysis of the wireline logs is complete. Downhole samples will be taken and evaluated onsite using the pressure-volume-temperature field laboratory. Any additional samples will be sent off to specialised noble gas laboratory for further verification.

The Company will make further announcements following the results of wireline operations and the completion of well testing.

Lorna Blaisse, Chief Executive Officer, commented:

"The initial results from the Itumbula West-1 well are very positive. We have encountered elevated helium shows, as the team had anticipated pre-drill, all the way to Basement. The wireline logs are the crucial next step in identifying which intervals we will test and sample for further evaluation.

By running an image log this time around in conjunction with a full logging suite, and having the well test equipment on site, we are able to fully evaluate the helium, and hydrogen potential in this well and establish whether we have a viable helium and/or hydrogen play.

I'd like to extend my thanks to the wider Helium One team out in the field and to the operational team who have worked tirelessly to complete this Phase II drilling campaign."