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Southern Rukwa Helium Project Update

In brief · summary, not quotable

ESP equipment purchase agreement executed; civil works commenced at ITW-1; two prospecting licences lapsed; OTCQB delisting planned.

Full announcement

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Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update on the Company's southern Rukwa Helium Project.

Highlights

  • Purchase agreement executed for Electrical Submersible Pump ("ESP") and associated equipment
  • Equipment to be provided by the CenerTech Group, which is part of the Chinese National Offshore Company (CNOOC)
  • Civils work commenced at site for water disposal during ESP operations
  • On track to commence ESP operations at ITW-1 in Q4 2025

Lorna Blaisse, Chief Executive Officer, commented:

"We are delighted to be advancing towards the next operational phase of development at ITW-1 in southern Rukwa. The ESP operations will enable us to increase flow rates and gain greater information on gas composition from the fractured Basement and Karoo intervals. We look forward to providing further updates as operations commence and progress."

Advancement of Next Phase of Operations in Southern Rukwa, Tanzania

The purchase contract and Quality Assurance/Quality Control process for the ESP and associated equipment were completed during a recent visit by Company personnel to CenerTech's manufacturing facility in China. Additional civils work at the ITW-1 wellsite have commenced, predominately to allow for water disposal. This operation will enable the Company to flow the well at significantly higher flow rates in order to gain a greater understanding of the source of the water in which the helium is in solution and establish the optimum production rates that will yield maximum helium concentrations. This information will be used to further enhance and evaluate the development programme and engineering.

Expiry of Prospecting Licences ("PL") in Southern Rukwa, Tanzania

Two PLs held by the Company (PL 10881 and PL 10882) have reached the end of their second and final renewal term and automatically lapsed on 21st September 2025. The Company has fully relinquished these expired PLs and will focus on the southern Rukwa development within the 480km2 developable Mining Licence area.

The Company continues to review all geological regions of Tanzania for helium potential and remains opportunistic for future PL applications.

Voluntary Delisting on the OTCQB Venture Market

The Company has notified OTC Markets Group Inc. of its intention to voluntarily delist the Company's ordinary shares from trading on the OTCQB Venture Market ("OTCQB").

The decision to delist from OTCQB was made following a review of trading volumes, costs, and the subsequent visibility that was hoped to be gained in the US market. The Board concluded that the continued quotation on OTCQB does not provide sufficient benefit to the Company or its shareholders to justify the associated costs.

The Company's shares will continue to be admitted to trading on the AIM market of the London Stock Exchange, which will remain the Company's primary trading venue.

The Company has requested that Its shares are delisted from OTCQB with effect from Tuesday 30 September 2025. Further announcements will be made as appropriate.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.

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