Helium One Completes Tai-3 Well with Lower-Than-Expected Helium Concentrations; FY'23 Results

Helium One Global completed wireline logging and downhole sampling at the Tai-3 well in Tanzania. There were a series of good quality, stacked reservoir intervals in both the Upper and Lower Karoo Group sections from where samples from four different intervals yielded helium concentrations up to 0.832%. Although this is considered a decent level of helium for commercialisation, it was much lower than the company's expectations of 10.2%. It is notable that the company was unable to obtain a free gas sample, so these results are inconclusive. No Basement downhole samples were obtained, where an increase in helium shows were encountered whilst drilling. There was not much of interest for sampling in the Lake Beds or Nsungwe Formation. The news has been taken negatively by the market with the shares down approximately 40% on the back of the result.

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