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Shares of Helium One (LON: HE1) are gaining Monday morning after the company informed investors that it has started its 2D seismic campaign as part of its Phase 2 exploration programme at its Rukwa Project in Tanzania.
The company has begun a 200 line kilometer 2D seismic campaign targeting northern extensions of known structural highs, mobilising survey and line clearing crews.
Helium One has planned the acquisition of data across ‘Deep' targets to mature additional drillable prospects for the planned 2022 conventional drilling campaign.
“We are delighted to commence the 2D seismic campaign as part of the Phase 2 exploration at Rukwa with the mobilisation of 2D seismic over the northern extensions of the Tai and Itumbula structural trends,” said David Minchin, CEO of Helium One.
Minchin also stated that contractors AGS, who delivered the Phase 1 seismic, will return as providers.
Helium One also announced the appointment of Colin Ivory as its new Chief Operating Officer and Chris Eyre as Chief Financial Officer, with the additions in Tanzania strengthening the company's operational base.
Minchin said: “Sector confidence in Helium One's projects is demonstrated by our ability to attract top international talent into our team. Our new COO and CFO have nearly 55 years' combined experience in various international operational management roles across Africa and Asia.
“The appointment of Colin and Chris bring significant experience to our in-country operational team, their knowledge and leadership will allow us to continue to fast-track the development of Helium One's exploration portfolio as we move towards Phase 2 drilling in 2022.”
Helium One's hare price has jumped following the news, trading at 7.4p, up 7.25% at the time of writing.
Helium One shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are HE1 shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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