11 February 2024
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Helium One Global (HE1) - Market capitalisation: £75 million.
Itumbula exploration well, Tanzania: 100% HE1 interest. Resource estimate: not yet communicated. Chance of success: not yet communicated.
Well funding: placing at 0.25p.
HE1 moved ahead further to 2.15p. News on 5 February 2024 was that the Itumbula West-1 well had flowed helium to surface at a measured concentration of up to 4.7% and on 7 February 2024 that it had raised £4.7 million through a company led placing at 1.5p per share. The well is now being cased and suspended and the company says it will fully evaluate the well results and focus on advancing the project in the most effective way possible.