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Helium One Global Ltd on Tuesday said its loss widened, but it is confident it may have a significant asset during a supply crisis in line with its wider commercial discovery hopes.
The Tanzania-focused helium exploration company said its pretax loss for the financial year that ended June 30 was $13.4 million, multiplying from £5.2 million a year prior. It did not report any revenue again as its operations remained focused on commercial discovery.
It commenced phase two of its exploration programme on the Rukwa project during the period, following completion of two drilling programmes in 2021. A working helium system was demonstrated at the Tai-1/-1A well in the Tai prospect with the presence of good quality reservoirs, thick sealing units and multiple helium shows.
The phase two drilling programme is planned to start in the first quarter of 2023.
Helium One stressed its future commercial prospects, believing it may have a significant asset during a time of supply crisis.
‘This was a significant year for the company as we completed our first two exploration wells in Rukwa and significantly de-risked the Rukwa project by identifying a working helium system at our Tai prospect. As phase two exploration moves towards drilling, with the potential to prove up what we believe to be a world-class helium province, Helium One is able to leverage the knowledge and experience of the team of experts that have joined us over the period allowing us to move more confidently into the next phase of our development,’ said Chair Ian Stalker.
Helium One also signed a memorandum of understanding in November with Exalo Drilling SA for the supply of a drilling rig on the Rukwa licence, with a target spud date of within the first quarter of 2023, subject to necessary funding.
Shares in Helium One were down 11% to 7.54 pence in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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