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Helium One Advances Towards Commercialisation in Tanzania

Helium One Global reported DST results from the Itumbula West-1 well, showcasing a flow of 0.5mmcf/d of 4.7% helium, implying an annual production of ~8.5mmcf from this well. The company is updating its subsurface models and resource estimates, aiming for an Extended Well Test in Q3'24 to confirm flow rates and fluid composition, essential steps towards commercialisation. Discussions with potential off-takers and the planning of production facilities are underway, alongside considerations for further drilling operations. The company also reported H2'23 results with a net loss of US$1.4mm, cash balance of US$8.7mm, and total assets of US$46mm.

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