Helium One Global shares rose after announcing progress in its exploration efforts at the Itumbula West-1 (ITW-1) well in Tanzania. The company, a leader in Tanzanian helium exploration, said it is now ready to begin extended well testing across two key intervals.
Helium One Global’s next step is to commence tests focusing on two intervals: the fractured basement and the faulted Karoo group.
The ITW-1 well has been successfully re-entered and deepened by an additional 168 metres into the basement, reaching a new total depth of 1,129 metres measured depth. Investors will be pleased to hear the company encountered near-continuous helium and hydrogen shows during the deepening process.
Helium One Global shares were 10% higher at the time of writing.
The company’s immediate focus is now on preparing the wellbore for the installation of 7″ slotted casing and subsequent cementing operations. Following this, a completion string comprising tubing and packers will be run into the hole, enabling multiple testing of the two zones during the extended well test.
“We are pleased that we have been able to re-enter and deepen the ITW-1 well as planned. It has been very encouraging seeing the helium and hydrogen shows continuing whilst drilling this deeper section, and we look forward to evaluating these results further through the EWT,” said Lorna Blaisse, Chief Executive Officer.
“I’d like to extend my thanks to the wider team in a safe execution of this drilling phase, as well as the continued support from the Ministry of Minerals and Mining Commission in Tanzania.”