Helium One Global Ltd has agreed the purchase of an electrical submersible pump and associated equipment to drill the Itumbula West-1 well in the southern Rukwa Basin, Tanzania.
FLOW RATES
The vendor is Cener Tech Group, part of the Chinese National Offshore Company (CNOOC).
Helium One said that site civils work had started for water disposal during ESP operations, which are on course to begin during the final quarter of 2024.
“We are delighted to be advancing towards the next operational phase of development at ITW-1 in southern Rukwa,” added chief executive Lorna Blaisse.
“The ESP operations will enable us to increase flow rates and gain greater information on gas composition from the fractured Basement and Karoo intervals.”
The company has also fully relinquished two prospecting licences which had ended their second renewal term and are now lapsed.
Helium One will focus on the 480km2 mining licence area within the southern Rukwa development.
At its second project of Galactica-Pegasus in Colorado, USA the company expects helium production to begin on schedule during December 2025 and first carbon dioxide in the first half of 2026.
The 50-50 joint venture with operator Blue Star Helium is completing final preparations and has received all necessary permits.
OTCQB
The company additionally announced that on 30 September it would delist from the OTCQB Venture Market, which had not provided “sufficient benefit” to justify the costs.
Helium One continues to trade on the AIM market of the London Stock Exchange.