 is up by 17% at the time of writing on Friday.){kind=link}
Helium One Share Price
The Helium One share price (LON:HE1) is up by 17% at the time of writing on Friday. The move up follows massive gains on Thursday in which the high-grade helium producer added 27% to its stock value on the back of an update. Despite two consecutive outstanding days for the Helium One share price, over the last month, it remains down by 23.74%. The downturn, which came just over a week ago, came after the company released underwhelming results. Therefore, the gains over the past couple of days, can maybe marked down as a recovery, but investors will be curious about the direction of the Helium One share price moving forward.
Rukwa Project in Tanzania
Helium One confirmed the commencement of drilling operations at the Tai-2 exploration well at the Rukwa Project in Tanzania. The AIM-listed company commenced exploration drilling at Tai-2, the second exploration well targeting the Tai prospect. The exploration well targets prospective Lake Bed stratigraphy, which was identified but not fully evaluated in Tai-1. Tai-2 is located ~20m from Tai-1 and utilises the same drill pad, saving time and money in relocation compared to mobilising from one site to another, the company said.
David Minchin, chief executive officer, commented: “Having proven a working helium system with Tai-1, Helium One have substantially de-risked the Rukwa basin. Demonstration of seal and reservoir, as well as helium shows at multiple stratigraphic levels, indicates a working system in which free helium gas is waiting to be discovered. Helium One maintains 100% ownership of licences at Rukwa covering approximately 3,500km2 in what must now be considered the world’s premier basin for helium exploration.
“We are delighted to have started drilling activity at Tai-2, testing shallower targets that were not fully evaluated in Tai-1. Tai-2 is approximately 20m from Tai-1, is on the same drill pad and uses the same infrastructure, therefore saving time and money by drilling here rather than moving on to a new location.
“We are excited to continue with our 2021 exploration campaign with drilling at Tai-2,” Minchin added.