Helium One Global Limited the primary helium explorer, is pleased to announce its unaudited condensed and consolidated results for the six months ended 31 December 2022, as well as provide an update on the Company's progress on its projects in Tanzania post the half year end.
Highlights
· Successfully raised £9.9 million ($12.3 million) in December to fund the Company through the 2023 Drilling programme in the Rukwa Basin, anticipated in 3Q 2023
· Relinquishment of 1,548 km2 of non-prospective licensed areas across the Rukwa Basin saving the Company $309,600 per annum
· Completion of analysis of Falcon Airborne Gravity Gradiometry ("AGG") and aero-magnetic data over the Balangida Basin; developing a greater understanding of rift geometry, basin evolution and subsurface structure for targeted exploration
· Net cash balance as at 31 December 2022 of $13.7 million
Post the period end
· Appointment of new CEO, Lorna Blaisse
· Entered a co-operation agreement with Noble Helium whereby both companies have agreed to cooperate in sourcing and securing a suitable drilling rig, associated services and logistics.
· Development of further helium potential resource targets following the integration of the gravity-magnetic 3D inversion study over the Eyasi Rift Basin area, following the success of the Balangida work in collaboration with Getech
· Commencement of Environmental and Social Impact Assessment in the Eyasi region, ahead of potential data acquisition in Q4 2023/Q1 2024
Ian Stalker, Chairman of Helium One commented:
"Securing a rig for the planned campaign at Rukwa is the Company's number one priority and the team is working tirelessly to ensure this happens swiftly. The exploration work that has been carried out to date has significantly de-risked the Rukwa project and we are excited about the drilling programme which we believe has the potential to prove up what we believe to be a world class helium province.
"We look forward to providing further updates as our programme progresses."
