Helium exploration company Helium One has announced its audited results for year ended 30th June 2021.
Considered by the company as a commodity that feeds the ‘digital revolution’, helium is a gas deemed necessary in high-tech manufacturing and medical operating processes.
Helium One has focused on ensuring a green transition through the production of carbon neutral helium from high-grade primary helium gas associated with nitrogen, eliminating emissions, and contributing to net-zero targets.
Exploration by the company has revealed that the Rukwa Rift Basin has a strategic resource with a P50 un-risked prospective recoverable helium resource of 138Bcf (billion cubic feet).
Drilling projects at Rukwa during 2021 have indicated good quality reservoirs underneath thick sealing units, potentially holding a quantity of helium that could help resolve a supply constrained market.
Commenting on the results, Ian Stalker, Chairman, Helium One, said, “The period to June 2021 has been transformational for Helium One as we continue along the road to seeking a globally strategic discovery.”
“Helium remains in critical short supply and a new source of primary helium without associated hydrocarbon production is required to balance the market.”
“Helium One has the capacity to discover this new source and become a strategic player in resolving long term supply issues.”
Having completed its 2D seismic programme at the end of last year, the company has continued with the commencement of Phase II exploration.
With Multispectral Satellite Spectroscopy results and QEMSCAN results announced, the Electrical Resistance Tomography survey is currently underway.
The surveys aim to define additional prospects for drilling in 2022.
According to Stalker, the current P50 recoverable helium resource of 138Bcf would be sufficient to supply the entirety of global demand for over 20 years, or 10-15% of global demand for more than a century.
David Minchin, CEO, Helium One, added, “Since joining as CEO we have completed a successful IPO (initial public offering) and subsequently £10m capital raise, 200 line kilometer 2D seismic survey, and completed our maiden exploration drilling campaign which defined a working helium system within the Rukwa Basin.’
The full results can be found here.