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Helium One Share Price Gains On Start of Seismic Acquisition

Updated: 16 Nov 2021

Helium One (LON: HE1) shares are rising Tuesday morning after the company said the acquisition has commenced on the 200 line kilometre 2D seismic survey at its Rukwa Project in Tanzania.

The company explained that the survey is targeting northern extensions of known structural highs that are believed to act as a charge focus for helium migration, with current ground conditions facilitating accelerated progress of surveying and line clearing activities.

AIM-listed Helium One is aiming to define further drillable prospects, with the possibility for stacked targets to be tested in a planned 2022 drilling campaign.

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David Minchin, CEO of Helium One, commented: “We are delighted to be able to progress rapidly to the next stage of the seismic campaign at Rukwa. 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. 

“Data acquired in this 2D seismic campaign will enable us to better visualise northern extensions of known structural highs that we believe act as a charge focus for helium migration.”

The company added that it has appointed Mark Beeson as Consultant Geophysicist to strengthen its operational team.

“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,” added Minchin.

Helium One shares are up over 2% at 7.15p so far on Tuesday.

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