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StockMarketNews.com Scirocco Energy has provided a comment following Helium One's Tanzania update.
Helium One, of which Scirocco energy owns 1.2% of the current share capital, announced it had identified helium in its three target formations at its exploration well in the Rukwa Basin.
The company said that a 130m thick claystone unit encountered above the top Karoo sands was found and wireline logging of the uppermost Karoo, which indicates good reservoir potential with 15-20% porosities.
Tom Reynolds, CEO of Scirocco commented: "We note the results of this well with interest as it relates to our remaining holding in Helium One. The identification of helium shows across multiple zones is encouraging with regards to confirming the presence of a working helium system in the Rukwa Basin."