Helium One Global achieves milestone as Itumbula West-1 well yields up to 4.7% helium concentrations
London, UK
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February 05, 2024 12:37 PM Eastern Standard Time
Helium One Global Ltd chief executive Lorna Blaisse joined Proactive's Stephen Gunnion with news of a groundbreaking discovery at the Itumbula West-1 well in the Rukwa Rift Basin in Tanzania, where testing confirmed significant helium concentrations up to 4.7%, marking a major milestone for the company.
This discovery led to a near doubling of the company's share price, underlining the market's strong response to what is potentially one of the largest sources of primary helium globally.
Unlike many projects that produce helium as a byproduct of hydrocarbon extraction, Helium One's project is unique for its pure helium, nitrogen, and now hydrogen mix, without any methane or carbon dioxide, making it exceptionally promising for industrial and technological applications.
The CEO highlighted the strategic adjustments made in drilling locations to target fault zones rich in helium, a move that has paid off by tapping into high-quality reserves. Additionally, the project revealed a surprising 2.2% concentration of hydrogen, further enhancing its value. This hydrogen discovery, significantly above background levels, fits the geological model and adds another layer of commercial potential, especially considering the global demand for hydrogen as a clean energy source.
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