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Helium One Spuds Itumbula West-1 Well in Tanzania

After the disappointing results at the Tai prospect, Helium One commenced drilling at the Itumbula West-1 well in Tanzania, targeting two major fault zones and the Karoo Group for helium exploration. Based on the pre-IPO CPR, Itumbula has a total P50 helium prospective resource of 5.4bcf over three zones. Downhole reservoir testing equipment is mobilised for open hole well testing, with Baker Hughes providing third-party services. The entire process, including well testing, is expected to take four to five weeks. Additionally, a part relinquishment of Prospecting Licence 10704/2015 in the Balangida Rift Basin has been ratified by the Tanzanian government. Helium One now holds a 134km2 footprint in the Balangida Rift Basin and a total of 2,840km2 in Prospecting Licences.

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