Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) CEO Lorna Blaisse talked with Proactive's Stephen Gunnion about the company’s latest progress at the Southern Rukwa Helium Project, following the official award of a mining licence (ML) for the site.
Blaisse confirmed the ML marks a shift from prospecting into the development phase, following the helium discovery at Itumbula. “It’s certainly very good news for us… it now enables us to move away from the prospecting phase and move more formally into that all-important development phase of the project,” she said.
Initial development work will include the deployment of an Electrical Submersible Pump (ESP) to bring helium in solution to surface using artificial lift. Blaisse said the operation is expected to support the conversion of contingent resources into bookable reserves, critical for project financing.
Planning for the ESP operation is underway and, once fundraising is complete, long lead items will be ordered for a Q4 2025 start. Part of the funds will also support work in the US, where Helium One has completed six development wells under its joint venture with Blue Star.
Blaisse also discussed future plans, including nine additional wells at the Galactica development and potential activity at the adjacent Pegasus Field.
The current fundraise aims to involve three new investors introduced by Marex Financial. Shareholder approval at the upcoming 5 August meeting will determine whether the structure proceeds with wider participation or defaults to a cash box arrangement.
Looking ahead, the company aims to commence ESP operations in Tanzania, complete front-end engineering design work for the processing plant, and bring its US project into production later in 2025.
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