Technical Update on Helium One's Projects in TanzaniaSource: www.gulfoilandgas.com 5/9/2017, Location: Africa
Solo Oil plc (SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets is pleased to announce recent technical progress by Helium One, the pure play helium explorer in Tanzania in which Solo holds 10% interest and an option to increase that interest by a further 10%.
- Acquisition of a 16,000 line kilometre Airborne Gravity Gradiometry (AGG) and magnetic survey over the Rukwa and Balangida licence areas is now complete
- Planning of a second phase Rukwa soil gas and groundwater geochemistry survey is in progress for field work to start in the third quarter of 2017
- This second phase follows on from the 2016 Rukwa soil gas geochemistry survey which confirmed widespread helium micro-seepage characteristic of subsurface trapped accumulations
- Dan Maling, Solo's Finance Director, has joined the Helium One Board of Directors as Solo's non-executive representative
Helium One have now completed the acquisition of extensive airborne geophysical data with the preliminary grids expected to be received later in May 2017. In parallel with this and to complement that data, after successful analysis of the soil micro-seepage survey completed in 2016, a further more detailed soil geochemistry survey is expected to commence in the third quarter of 2017. So far Helium One has collected and analysed almost 1,500 soil samples for helium, CO2, hydrogen, nitrogen and hydrocarbons in the most advanced project in the Rukwa licence area. The work programme being undertaken in 2017 is intended to identify drillable prospects as soon as practical with drilling planned for 2018.
Neil Ritson, Solo's Chairman commented:
"Helium One's licence areas, and especially Rukwa, represent one of the most exciting new potential sources of commercial helium in the world today. The most recent results from the field continue to be very encouraging and the integration of all the data will move us much closer to drilling a subsurface trap. Solo's team is working closely with Helium One and providing our expertise in developing the timeline and plan for technical activity ahead of drilling which is currently scheduled for next year."
Helium is a naturally occurring elemental gas which, owing to its unique properties, is critical to the function of superconductors which are used in several forms of scientific and medical scanners, such as MRI; it also has extensive uses in computing and communications infrastructure manufacture, industrial testing and transportation. Global demand for helium is growing at a rate that is outstripping supply, which presents a significant pricing opportunity for future producers.
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