Helium One Global (LSE:HE1) has started electrical submersible pump testing at the ITW-1 well within its Southern Rukwa Helium Project in Tanzania, marking a further step in the appraisal of its recent helium discovery. The programme follows the completion of wireline logging and the mobilisation of specialist equipment to site.
The company said the ESP assembly is being deployed to access deeper fractured Basement and Karoo formations, with the objective of improving flow rates and enhancing helium production. Testing is expected to run over a two- to three-week period and is intended to provide additional data to support the potential commercial development of the Rukwa resource.
Management described the start of pump testing as continued operational progress toward commercialising the discovery, as the project moves through appraisal and development phases.
From an investment perspective, Helium One’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and significant cash outflows. These challenges are partly offset by a strong event-driven narrative, with first gas and near-term sales targeted, alongside constructive technical momentum in the shares. Valuation remains pressured due to negative earnings and the lack of dividend visibility.
More about Helium One Global Limited
Helium One Global Ltd is a helium exploration and development company focused on addressing supply constraints in the global helium market. The group is the primary helium explorer in Tanzania, where its flagship Southern Rukwa Project has progressed into appraisal and development following a confirmed helium discovery at Itumbula West-1. Helium One also holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado, which has delivered commercially promising helium and CO₂ flows and began bringing initial wells into production in late 2025.
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