Shares of Helium One (LON: HE1) have jumped on Tuesday after the company announced the completion of its extended infill 2D seismic campaign and identification of new priority drill-ready targets ahead of its exploration drilling programme at Rukwa Project in Tanzania.
The AIM-listed company said it has completed an extended 200km 2D seismic campaign, including an additional 50 line kilometres providing further data on new priority prospects.
According to Helium One, the modern seismic data is of a higher quality than earlier work, resulting in a better understanding of the subsurface and reassessment of geological risk across its portfolio.
The data resolution also improved, with the Tai prospect being upgraded and stacked targets believed to be across a larger area than those interpreted from historical data.
The drilling campaign is expected to commence in early June, with the first hole planned at Tai prospect.
“Based on encouraging early results, the seismic campaign was expanded with an additional 50 line kilometres of acquisition over new priority prospects,” said David Minchin, CEO of Helium One.
“Additional data has resulted in a reprioritised drilling campaign with drilling starting over a faulted 3-way dip closure at Tai, with multiple stacked targets. This prospect is believed to be larger than interpreted from historical data, which has contributed to the Technical Team's decision to upgrade Tai from a ‘low-priority' to ‘must-drill' target. Drilling will therefore begin in early June, giving additional time for road and drill pad construction at this new site.”
Helium One's share price has surged over 17.6% to 23.94p following today's announcement.
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