Helium One (HE1) Shares Fell 4.39% After Appointing a New CEO

The Helium One Global Ltd (LON: HE1) share price fell 4.39% after announcing the departure of current CEO, David Minchin, from the company who stepped down from his position immediately and also relinquished his board position. 

The helium exploration company appointed Lorna Blaisse, the Principal Geologist at Helium One, as CEO of the Company with immediate effect. The board also intends to make her a company director once the regulator completes the mandatory due diligence.

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Investors’ mild reaction to the departure of the previous CEO was primarily driven by the appointment of a new CEO, who had been with the company for some time and had the crucial role of Principal Geologist. 

Lorna has over 17 years of experience in the exploration and appraisal of oil and gas projects across Africa. As an exploration geologist, Lorna has direct experience in rift basin geology due to her experience working on the Lake Albert Rift Basin in Uganda and the Termit Basin in Chad. 

In addition, she has managerial experience and successfully delivered exploration campaigns in East and Central Africa. David Minchin has agreed to remain accessible to the company over the short term to ensure a smooth transition. 

Ian Stalker, Non-Executive Chairman, commented: “On behalf of the Board, I would like to thank David Minchin for his dedicated service over the last two and a half years.  David has grown and developed the Company during his tenure as CEO, increasing our operational capability and expanding our geological knowledge of the Tanzanian helium systems.”

Adding: 

“I would also like to welcome Lorna as CEO.  She has extensive expertise in successfully delivering oil and gas exploration campaigns and, having been with the company for almost 2 years, an in-depth understanding and knowledge of our projects, which will greatly assist her and the team in delivering a successful drilling programme in 2023.”

Investors will watch keenly how Helium One’s 2023 drilling campaign unfolds under the new leadership. 

*This is not investment advice. 

The Helium One share price chart. 

The Helium One share price fell 4.39% to trade at 5.45p, from Wednesday’s closing price of 5.70p.