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(Sharecast News) - Helium One reported interim results for the six months ended 31 December on Friday, highlighting operational progress in both Tanzania and the United States, alongside a period-end net cash balance of just over $10m.
The AIM-traded pre-revenue company said it successfully completed an extended well test at Itumbula West-1 on its Rukwa Helium Project in Tanzania, which flowed helium to surface at concentrations of up to 7.9%.
A comprehensive mining licence application was submitted to the Ministry of Minerals, with Helium One having since received an offer letter from the Mining Commission for the grant of the licence.
During the period, the company also acquired a 50% interest in Blue Star Helium's Galactica-Pegasus project in Colorado.
Since the period ended, Helium One said it had started a six-well development drilling programme at the site, with operations underway at the Jackson-4 well in Las Animas County.
"This has been a very exciting and significant period for the company," said chairman James Smith.
"In Tanzania, we undertook a successful extended well test after our phase two drilling campaign, completed a feasibility study and subsequently submitted a mining licence application, for which we have now received an offer letter from the Mining Commission.
"We also successfully acquired a 50% interest in a helium development project in Colorado."
Smith said the company now had a portfolio containing two development opportunities in two jurisdictions, diversifying the risk profile of the company and providing it with the opportunity, in Colorado, to realise near-term revenue streams which would support its future investment requirements across the portfolio.
"We would like to thank all our shareholders as well as all our stakeholders in Tanzania and elsewhere for their continued support and look forward to the year ahead as we progress both of our exciting projects."
At 1019 GMT, shares in Helium One Global were up 2.54% at 1.01p.
Reporting by Josh White for Sharecast.com.
