Helium One Group Ltd (DI) (HE1)

Sector:

Mining

8.41p
   
  • Change Today:
      0.31p
  • 52 Week High: 28.00
  • 52 Week Low: 4.25
  • Currency: UK Pounds
  • Shares Issued: 615.50m
  • Volume: 1,880,774
  • Market Cap: £51.76m

Helium One announces further gas show at Red Sandstone

By Josh White

Date: Monday 12 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Helium One announced a further helium gas show in drilling mud in the Red Sandstone Group and sidetrack from the Tai-1 well at its wholly-owned Rukwa project In Tanzania on Monday, following loss of the drill string at 561 metres.
The AIM-traded firm said helium gas shows were identified in stratigraphy above its primary targets from 552 metres to 561 metres, as measured by the on-line gas chromatograph.

It said the gas show was supported by indications of gas visually identified as bubbles in drilling mud returns at surface.

Helium shows continued to 561 metres, at which point drilling operations were suspended due to the parting of the drill pipe in the midst of drilling the gas show.

It said Mitchell Drilling was unable to recover the lost drill pipe from the hole to-date, with a subsequent delay to drilling operation resulting in the decision to sidetrack drilling from above the lost pipe at 483 metres.

"The identification of helium gas shows in the Red Sandstone Group between 552 and 561 metres is another unexpected, but positive result as this zone was previously considered to be of low prospectivity," said chief executive officer David Minchin.

"This gas show, along with our earlier reported gas show announced on 22 June, demonstrates a working helium system and supports helium prospectivity for additional gas shows throughout the stratigraphy.

"Visual identification of bubbles in mud returns also offers circumstantial evidence of free helium gas in the sub-surface."

However, Minchin said it was important to note that the interval needed to be logged with wireline, before a pay zone could be determined.

"The delay caused by the loss of drill string in the midst of the drilling is unfortunate, however contingency plans have been implemented to sidetrack from above the lost pipe and continue drilling to test both the Red Sandstone gas show and priority target horizons beneath.

"This option allows us to utilise the existing 483 metres of already-completed drilling, rather than relocating to a new location.

"With the above indicators already identified we look forward to a successful completion of drilling on this target location."

At 1504 BST, shares in Helium One Global were down 7.27% at 21.93p.

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HE1 Market Data

Currency UK Pounds
Share Price 8.41p
Change Today 0.31p
% Change 3.83 %
52 Week High 28.00
52 Week Low 4.25
Volume 1,880,774
Shares Issued 615.50m
Market Cap £51.76m

HE1 Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
23.18% below the market average23.18% below the market average23.18% below the market average23.18% below the market average23.18% below the market average
12.98% above the sector average12.98% above the sector average12.98% above the sector average12.98% above the sector average12.98% above the sector average
Income Not Available
Growth Not Available

HE1 Dividends

No dividends found

Trades for 24-Sep-2021

Time Volume / Share Price
16:35 8,629 @ 8.41p
16:29 7,957 @ 8.21p
16:25 78,665 @ 8.39p
16:20 85,429 @ 8.20p
16:12 119 @ 8.40p

HE1 Key Personnel

CEO David James Minchin
Finance Director Russel Swarts

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