Helium One Global Ltd said it had mobilised a drilling rig and equipment from Tanzania and Mozambique ahead of drilling in May at its Rukwa project in Tanzania.
The company also announced that its ordinary shares have today started publicly cross-trading on the US OTCQB Venture Market.
PREPARATIONS
The rig and equipment has been moved to a forward holding yard near Mbeya, 100km from Rukwa.
The yard provides a secure base to collect together materials from a range of sources before delivery to the first drilling location.
As Helium One awaits final ESIA approval for its 100%-owned Rukwa project, staff are establishing a secure, fenced, tented accommodation camp to house up to 50 workers and specialists for the drilling campaign.
Support systems and ancillary materials are en route from China, South Africa, USA, Canada, Australia and the UK. These will then travel in convoy to the first well location.
Items in transit include casing from China, drilling mud additives from South Africa and Canada, wireline tools and testing equipment from USA and Australia, and bridge-plugs for secure suspension of discovery wells imported from the UK.
Chief executive David Minchin said that mobilising a project of such a size required time and planning.
“Management has worked tirelessly to deliver this project on time and I am immensely proud of the achievements of all involved as we look to deliver our maiden drilling programme on schedule in mid-May.”
HELIUM LICENCES
Helium One said it had identified a globally unique, large-scale, high-grade, primary helium project within the rift basins on the margin of the Tanzanian Craton.
Through its subsidiaries Gogota (Tz) Ltd, Stahamili (Tz) Ltd and Njozi (Tz) Ltd, the company has secured 18 prospecting licences covering more than 4,512 km² in three distinct project areas of Rukwa, Balangida and Eyasi.
These are located near surface seeps with helium concentrations ranging up to 10.5% He by volume.
The Rukwa project lies within the Rukwa Rift Basin covering 3,448km2 in southwest Tanzania and is near required infrastructure.
The company has identified four prospects and 21 leads based on historical drilling, reprocessed seismic lines, a high resolution gravity survey, and surface seep analyses.
SRK Consulting reported a ‘best estimate’ un-risked prospective resource of 138 Bcf (2U/P50) for Rukwa.