Helium One begins Phase 2 seismic programme at its Rukwa Project

Helium One (LON:HE1H) has announced it has commenced Phase 2 2D seismic acquisition at its Rukwa Project in Tanzania.

In a statement to the London Stock Exchange, the AIM-listed company said acquisition has commenced on the 200 line kilometre 2D seismic survey, targeting northern extensions of known structural highs that are believed to act as a charge focus for helium migration.

The company said it aims to identify targets with a lower charge risk and to target depths down to around 2500m for testing with a conventional rig.

“We are delighted to be able to progress rapidly to the next stage of the seismic campaign at Rukwa,” said Helium One Chief Executive Officer David Minchin. “With excellent ground conditions and very little vegetation in the last month of the dry season, our survey and line clearing teams have advanced quickly, allowing us to deploy vibroseis trucks and commence acquisition.”

The company said the acquisition of the data will aim to enable the firm to define further drillable prospects, with the potential for stacked targets to be tested in a planned 2022 drilling campaign.

Alongside the announcement, Helium One confirmed the appointment of Mark Beeson as Consultant Geophysicist.

“We are delighted to welcome Mark Beeson to work alongside Colin, Lorna, and the team as Consultant Geophysicist,” Minchin added. “Mark has developed significant expertise over 40 years as a geophysicist with oil and gas exploration and production companies, including as founder and Chief Geophysicist for African focused explorer Delonex Energy.”

At 10:00GMT, shares in Helium One were trading higher by 3.6% at 7.14 pence per share.