Helium One Global provided the following update on the drilling of the Itumbula West-1 well. The well has been successfully drilled to 961m MD and has reached its TD in granitic Basement. The well encountered elevated helium shows, over twenty times above background, whilst drilling through the Lake Beds Formation, Red Sandstone Group, Karoo and Basement targets.

Elevated readings and an increased frequency of helium shows were encountered whilst drilling through the faulted zone. An increase in temperature was also recorded which suggests the movement of deeply sourced fluids migrating along the fault, which is likely liberating the helium. The helium readings were measured from the drilling mud using the Micro Gas Chromatograph and validated using the onsite portable Mass Spectrometer.

In addition to helium, the well has encountered a high concentration of hydrogen in the Lake Beds Formation over a 6m interval. Hydrogen shows continued to be encountered throughout the Karoo section and into Basement. The Company will now rig up for wireline operations to log the entire well.

Following wireline operations, the Company will then perform an open hole well test (DST) across the faulted zone and additional zones of interest, once full petrophysical analysis of the wireline logs is complete. Downhole samples will be taken and evaluated onsite using the pressure-volume-temperature field laboratory. Any additional samples will be sent off to specialised noble gas laboratory for further verification.

The Company will make further announcements following the results of wireline operations and the completion of well testing.