Helium One Confirms 5.5% Helium Discovery at ITW-1 in Tanzania

Helium One confirmed a helium discovery at the Itumbula West-1 well in Tanzania, after completing its extended well test operations revealing helium dissolved in solution at concentrations of 5.5% from the fractured Basement and 5.2% from the Karoo Group. Helium dissolved in the fluid may make the process of extracting helium more costly and difficult than from a gas stream. The well flowed at a maximum rate of 2.7kbbl/d, with potential to increase to 20kbbl/d with artificial lift, equating to 6.2mcf/d of helium. The company is finalising its feasibility study for a Mining Licence application. The company has also raised £6.4mm which it intends to use for towards its farm-in project with Blue Star Helium in Colorado and other "development contingencies" which could mean for its Rukwa project as well.

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