Helium One Global (AIM: HE1) shares rose around 25% in early trading after the company announced the successful completion of Electrical Submersible Pump (ESP) testing at its southern Rukwa Helium Project.
The testing delivered a significant uplift in performance, with enhanced flow rates reaching the equivalent of up to 16,400 barrels per day — a six-fold increase compared with previous tests. Helium concentrations were sustained at approximately 5.4%, with peak readings of up to 9.2%.
More than 250,000 barrels of water were produced during the programme, and the company reported encouraging reservoir support, with rapid re-pressurisation observed following shut-in.
Although gas-to-water ratios were lower than anticipated, Helium One said the results provide valuable technical insight and will support its ongoing strategic farmout process as it seeks an industry partner to advance project development.
Highlights
· Successful completion of Electrical Submersible Pump (“ESP”) testing at ITW-1 at the southern Rukwa Helium Project with zero Lost Time Injuries
· Produced over the equivalent of 250,000 barrels (“bbl”) of water over a testing period of 20 days, with flow rates of up to an equivalent of 16,400 barrels per day (“bpd”) – a six-fold increase in flow rate, compared with natural flow during the 2024 Extended Well Test (“EWT”)
· Sustained helium concentrations of 5.4% (air corrected) with a maximum concentration of 9.2% (air corrected) at surface
· Sustained average measured gas water ratio (“GWR”) readings of 0.06 m3/m3 (0.05 Sm3/Sm3 corrected for stp1) with a peak of 0.1 m3/m3 (0.08 Sm3/Sm3 corrected for stp1) during the continuous flow period
· Downhole temperature measurements and salinities suggest mixing from both Basement sourced fluids and a Karoo Group aquifer
· Upon shut in, the wellhead pressure and downhole pressure quickly re-pressurised indicating encouraging reservoir support
· Strategic farmout process to commence to identify and select a suitable industry partner
Helium One chairman James Smith said the successful ESP testing programme is a major operational milestone, demonstrating strong flow rates and sustained helium concentrations at the southern Rukwa Project. While the gas-to-water ratio was lower than expected, the results provide valuable technical insight and support ongoing discussions with potential industry partners and investors.
CEO Lorna Blaisse added that the test confirmed production above 16,000 barrels per day with stable helium levels. She said the next step is further work on the basement fault and fracture system to improve helium concentrations and gas-to-water ratios, with the company launching a strategic farmout process to secure an industry partner.
