The Helium One Global Ltd (LON: HE1) share price edged 4.41% higher after announcing that it had completed an independent verification of the prospective resources at the Tai Prospect (Tai). The company had evaluated the total gas and helium prospective resources and completed a competent person’s report (CPR).
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The company discovered net helium prospective resources of 2.8 billion cubic feet (Bcf) and total gas prospective resources of 212.2 Bcf across the combined intervals of the Lake Bed Fm, Karoo Sandstone, Nsungwe Fm and weathered Basement.
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There was a 61% increase in resources was the original resource estimate from the previous 2020 CPR completed by SRK Consulting (Australasia) Pty Ltd. As a result, the deterministic sum of the 3U2 net helium prospective resources is 7.1 Bcf in the ERCE report.
The lack of investor interest in the new resource estimates could be attributed to the company’s failure to discover exploitable helium resources during its first drilling campaign.
These substantial increases result from a more detailed interpretation of the additional 2D seismic data acquired across Tai in 2021 and the Company’s improved understanding of the structural closure.
Lorna Blaisse, CEO of Helium One, commented: “We are very pleased to have carried out this independent report with leading reserve auditors, ERCE, as it provides us with a robust view of our drill-ready prospect. The team has undertaken much detailed technical work over the past two years, and we are confident that the Tai prospect gives us the best chance of providing up helium in the Rukwa Basin.”
Adding:
“With a substantial increase in prospective resources and a Geological Chance of Success (CoS) similar to that concluded in the previous CPR, I remain encouraged that Tai is still the best prospect in our Rukwa Basin portfolio. I am very thankful to the team for their continued efforts in moving this project forward.”
*This is not investment advice.
Helium One share price.
Helium One share price rose 4.41% to trade at 7.10p, rising from Friday’s closing price of 6.80p.
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