Helium One Global Ltd (LON:HE1), the primary helium Company with assets in Tanzania, has announced the Company’s audited results for the year ended 30 June 2021. A copy of the Annual Results is available on the Company’s website, www.helium-one.com and are being posted to Shareholders who requested this service later this week.
Summary:
· Helium is a commodity that feeds the digital revolution and cannot be substituted in a range of high-value, high-growth, high-tech manufacturing and medical operating processes
· Helium One is part of the green transition targeting production of carbon neutral helium from high-grade primary helium gas associated with nitrogen – a strategically significant differentiator from the main Hydrocarbon by product route and needed for a zero-carbon world
· The Rukwa Rift Basin has a strategic resource with a P50 un-risked prospective recoverable helium resource of 138Bcf and the potential to discover a globally significant asset to resolve a supply constrained market
· Drilling at the Rukwa project during 2021 has significantly improved the opportunity of a discovery. Exploration in 2021 indicated good quality reservoirs beneath thick sealing units with multiple prospective intervals from basement to near surface – which identified a working helium system
· Commencement of Phase II exploration is ongoing with the 2D seismic programme completed 25th Dec 2021, Multispectral Satellite Spectroscopy results and QEMSCAN results announced, and Electrical Resistance Tomography survey underway. This aims to define additional prospects for drilling in 2022 offering near and medium-term catalysts for share price growth
· High margin operation – the Rukwa Basin offers the potential for low-capex modular development. With helium prices at record highs the project has the capacity to generate exceptional financial returns on development of a successful discovery.
Ian Stalker, Chairman, commented:
“The period to June 2021 has been transformational for Helium One as we continue along the road to seeking a globally strategic discovery. Helium remains in critical short supply and a new source of primary helium without associated hydrocarbon production is required to balance the market. Helium One has the capacity to discover this new source and become a strategic player in resolving long term supply issues.
“The Company’s P50 Best Estimate Unrisked Prospective Recoverable Helium Resource of 138Bcf would be sufficient to supply the entirety of global demand for over twenty years, or 10-15% of global demand for more than a century. Over the past twelve months we have added considerable experience to our Board and Management Team with the appointment of industry veterans and rift valley specialists to put us in the best position to deliver a discovery that makes this ambitious project a reality.”
David Minchin, CEO, said:
“I am delighted to have had the opportunity to be engaged with developing the exploration programme of a potential tier one asset at Helium One. Since joining as CEO we have completed a successful IPO and subsequent £10m capital raise, 200 line kilometer 2D Seismic survey, and completed our maiden exploration drilling campaign which defined a working helium system within the Rukwa Basin.
“The company has now moved onto Phase II exploration, with the completion of a 220km 2D seismic campaign over the northern extensions of known structural highs that we believe act as a charge focus for helium migration. This data will be integrated with information from our Multispectral Satellite Spectroscopy study, Electrical Resistance Tomography survey, QEMSCAN results and Airborne Gravity Gradiometry data to deliver a portfolio of prospects for drill testing in 2022.”
