Helium One Global said that early encouraging results had prompted it to extend the 200 line km data acquisition at its 100% Rukwa project in Tanzania.
PHASE II
In mid-November, the company began Phase II 2D seismic campaign and has to date completed 188.5 line km or 94%.
Helium One added it had now decided to extend the survey by 20 line km over promising targets within the previously unsurveyed Momba area.
“The company has also agreed with AGS to shoot a 15 km ‘high resolution’ line with 5 metre source and receiver spacing.
“This experimental line will test the suitability of high resolution seismic to resolve shallow structures and identify potential closures within the topmost 400 metres.
“The line, which crosses the Tai and Itumbula Highs, will provide valuable data in understanding stratigraphic and structural variation within the poorly resolved shallow and ultra-shallow zone.”
FINANCES
Helium One said it remained well funded for current exploration activities and was confident about its Phase II exploration campaign.
After payment of all due invoices related to Phase I drilling, cash reserves available for Phase II exploration as of 31st October 2021 stand at US$11,506,914.75 (£8.7m) with liabilities excluding disputed invoices of US$239,429.21 (£0.18m).
Negotiations continue with a number of rig contractors for mobilisation of a conventional rig to start drilling during Q3 2022.
The company has been granted an extension of up to three months to publish its financial results as a result of the pandemic’s effect on availability of personnel to complete stock taking.
ADDITIONAL TARGETS
Chief executive David Minchin added that many of the team on site would spend Christmas in the field working on additional line kilometres and the high resolution line over the Tai and Itumbula structural highs.
“We remain well financed and look forward to updating the market with additional information developed from the Phase II 2D seismic campaign once data has been processed and interpreted.
“This information will feed into generating additional targets for our 2022 conventional drilling campaign.”