Helium One Global Ltd recorded a significant increase in cash for its Rukwa exploration and development project in Tanzania.
In its unaudited interim results for the six months ended 31 December 2020, the company reported a net cash balance of $6,584,886 compared with $577,997 for the same period in 2019.
An oversubscribed fundraise resulted in £6 million to fully fund the company’s initial exploration programme which has started.
The group recorded a pre-tax loss of $3,886,357 (2019: $1,594,765) which includes an impairment of $2,277,196 relating to the merger with Attis Oil and Gas Ltd.
Helium One made history on 4 December 202 by becoming the only helium company listed on AIM.
An infill seismic campaign in the Rukwa licence area is underway which could see the company straight from exploration to appraisal, further fast tracking its timetable.
“This has been an incredibly exciting time for Helium One,” said chairman Ian Stalker.
“In the period under review we completed our listing on AIM and also secured finance for our aggressive exploration programme.
“We believe our current campaign has the potential to show that Rukwa is a clean sustainable project with significant global implications in a supply constrained helium market.”