Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Helium One reports solid first-half progress in Tanzania
(Sharecast News) - Helium One Global described significant milestones in its half-year report on Thursday, including the acquisition of the Epiroc Predator 220 drilling rig, which it said had been successfully mobilised to the Rukwa site. The AIM-traded firm said the start of the second drilling campaign in the third quarter proceeded as scheduled.
Notably, the drilling of the Tai-3 well was completed, reaching a total depth of 1,448 metres measured depth, providing valuable data for understanding the region and identifying the follow-on Itumbula prospect.
Financially, Helium One raised £12.9m before expenses through two fundraises in September and December, resulting in a net cash balance of $8.7m by 31 December.
Since the half-year ended, the company had drilled the Itumbula West-1 well, achieving a total depth of 961 metres measured depth at a revised well location.
Subsequently, significant discoveries were made, with the well flowing a high concentration of helium at 4.7% and hydrogen at 2.2% to the surface.
Those concentrations were thousands of times above background levels, indicating promising potential for commercial extraction.
Moreover, hot basement fluids exceeding 80 degrees Celsius were encountered across the fault zone, consistent with helium and hydrogen prone intervals.
To further advance the project, Helium One had raised £4.7m before expenses through a company-led placing.
Despite the complexity of operations, the company maintained a strong safety record, with 197 operating days completed since the spud of the Tai-3 well, boasting zero lost time injuries.
"This has been an incredibly busy and transformational period for the company, especially post the half year-end," said chairman James Smith.
"The acquisition of our own rig in July 2023 enabled us to commence our second drilling campaign and provides us with significant optionality going forward, whether that be to drill additional wells efficiently and quickly or as a future revenue stream for the company.
"Helium One's phase two drilling campaign has been very successful."
Smith said Tai remained an interesting prospect which had been logged and sampled, while the Tai-3 well had been cased and suspended.
"The results from Itumbula can only be seen as transformational for the company - flowing helium concentrations at these levels to surface would position Itumbula in the top section of major helium producing fields and this success is a testament to the hard work of the team and their expertise.
"The results acquired across both wells will now hold our focus as we look to evaluate the best way to advance this project in the most effective way possible.
"This is an exciting time for the company, and we would like to thank all our stakeholders, local communities and the government of Tanzania for their continued support and look forward to providing further updates in the near future."
At 1245 GMT, Helium One Global shares were down 12.33% at 1.89p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.