Helium One Global raises funds for 2nd Rukwa prospect
London, UK
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September 12, 2023 08:34 AM Eastern Daylight Time
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) CEO Lorna Blaisse speaks to Thomas Warner from Proactive after the London-listed helium exploration company announced it has raised gross proceeds of £6.8 million (US$8.5 million) via a placing, subscription and a retail offer.
Blaisse explains that the funds will primarily be used to drill at the Itumbula prospect that lies in the same Rukwa Basin that hosts the Tai-C well that is the company's current focus. She describes it as an independent closure, saying its boasts structural similarities to the Tai prospect.
The company aims to test a faulted three-way closure, focusing on the Kuru target, at depths of about 1200 meters. She goes on to give an update on progress at the Tai-C Well, where the company has been preparing for spudding during the last few weeks by bringing in the rig and setting up the amenities for the workers.
The drill rig is now fully assembled and she expects operations to last for around a month once first spud is complete, followed by logging and gas sample collection for thorough analysis. Despite the inherent challenges of African projects, Blaisse expresses confidence in the team's preparedness.
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