AIM-listed Helium One Global (LON:HE1), the company prospecting for helium in Tanzania, may not be as good a bet in the short-term, but has the potential to be a very interesting long-term play.
The firm owns several assets in Tanzania containing reserves of this inert gas which is used in a diverse set of industries and activities ranging from party balloons and MRI scanners to supercomputers and space technology. The Tanzanian project is unique in that it contains primary helium, unlike most other globally produced helium where the noble gas is a by-product of natural gas production.
In its latest set of earnings published on Wednesday the company reported that the drilling it conducted during 2021 on its Rukwa project indicated good-to high-quality reservoirs beneath the surface. The thick sealing units were identified as a working helium system. Currently in phase two of exploration, Helium One has already reported the results of its 2D research, multispectral satellite spectroscopy and QEMSCAN results. The next step is an electrical resistance tomography survey, already underway, which will help inform drilling plans for the rest of this year.
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