It received its first Tanzanian licenses in 2015. The country approved the renewal of Helium One’s exploration licences in September.
The Chief Executive Officer of the company, David Minchin, said the company plans to raise £5 million for the drilling. The activity is to commence in the first half of next year, and the production may start in 2023-2024.
He said the company expects to hold a resource of 138 billion cubic feet at $280 per mcf, which equals $36 billion, for a Rukwa project.
The company will construct a $50 million production plant from modular components. The company will export helium as a liquid in an ISO container, via Dar es Salaam.
Excerpts from the C.E.O’s comments:
“The listing now is to raise £5 million to mobilise the rotary lie detector.”
“It’s great in concept. We just need to make discoveries. We’ve done all we can now.”
“We’re one of the only companies with this size of strategic resource in the world, and we’ll be the only company on AIM in the exciting and expanding helium space.”
“In Australia, it’s harder to secure investment in Africa. London is a natural place for our plans and it’s a good place that understands investments in Africa.”
“Helium One will drill three wells to a maximum depth of 1,200 metres. Each well should take a month to complete and the company is in negotiations with contractors. The company can make savings as a result of the downturn.”
“In 2022, we will be looking for equity for the construction and then it will take around a year to build. We can be producing in 2023-24.”
“We’ve seen Tanzania turn around in the last six months.”
“Tanzania is open for business and this is the time to be involved.”