Helium One Global Limited announced progress in its projects, reporting significant developments in Tanzania, including successful well tests and a Mining License application for the Rukwa project. In the USA, the company acquired a 50% interest in the Galactica-Pegasus project and began development drilling. The firm has a cash balance of $10.02 million, supporting its ongoing initiatives.
Helium One Global Limited (GB:HE1) has reported key progress in its projects located in Tanzania and the USA, as outlined in their interim results for the six months ending December 31, 2024. Notably, the company conducted an extended well test at Itumbula West-1, achieving helium flow rates of up to 7.9%. Furthermore, a Mining License application for the Rukwa Helium Project has been submitted, and they have received a positive offer letter from the Tanzanian Mining Commission.
Additionally, Helium One has acquired a 50% stake in the Galactica-Pegasus project situated in Colorado, USA. This acquisition has initiated a six-well development drilling program, further enhancing the company’s portfolio and diversifying its risk profile. Helium One is strategically positioned to capitalize on potential near-term revenue streams from these ventures.
As of December 31, 2024, Helium One maintains a robust financial position with a cash balance of $10.02 million. This financial strength supports ongoing and future investment opportunities. The company focuses on helium exploration and holds significant licenses in both Tanzania and the USA, with the Rukwa Helium Project being its flagship initiative, now advancing into the appraisal phase after successful tests.
Helium One Global Limited has made significant strides in its exploration endeavors in Tanzania and the USA, underscoring its commitment to expanding its operational capacity. The completion of well tests and the acquisition of new projects reflects a proactive approach in diversifying risks while paving the way for future revenue. With sound financial backing, the company is well-equipped to pursue its growth strategies moving forward.
Original Source: www.tipranks.com
