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Sunday, June 24, 2018
Solo Oil reported on progress being made by its investee company, Helium One (He1), the pure play helium explorer in Tanzania. He1 has completed the seismic re-interpretation with over 900-line km of newly reprocessed 2D seismic originally shot in the 1980s.
Reprocessing was carried out by EarthSignal in Calgary and the resulting data is a step change in quality compared to the vintage data. This has enabled He1 to significantly refine the interpretation compared to the previous mapping.
The Airborne Gravity Gradiometry (AGG) and magnetic survey acquired by He1 has provided critical structural insights, assisting the seismic reinterpretation by providing significant guidance on the orientation of faults. The new mapping has reaffirmed the previous prospectivity with a greatly improved sub-surface resolution.
As a consequence, He1 has identified new prospects and leads, and gained an enhanced image of the previous high priority targets that were the basis of the 2017 Competent Persons Report by Netherland, Sewell & Associates Inc. (NSAI) previously announced with the acquisition of Solo’s interest in March 2017.
Some of the high priority targets in the central area at the Karoo Sandstone level have associated seismic amplitude anomalies and overlying soil helium anomalies. Other identified prospects present risk independent plays that may, with limited further work, merit drilling.
The reinterpretation is still ongoing and volumetric analysis has yet to be finalized; however, it is now possible to indicate that there are a number of commercially significant independent traps that could be drilled as early as Q4. The estimated helium volumes based on the reinterpretation fully support the previous NSAI certified volumes of best estimate prospective helium resources; previously reported at approximately 100 bcf within the Rukwa licences.
The company is also at advanced stages of negotiation with an experienced oil and gas group from the US who wish to drill the Rukwa Basin project, commencing in Q4 2018. A draft MoU has been prepared for the initial drilling which would be conducted on an earn-in to equity basis. The group has the relevant onshore and Tanzanian experience required to successfully deliver a program of wells ranging in depth from 500 to 2,000 meters.
The objective of the first phase of drilling would be to convert the presently mapped prospective resources to contingent resources, at which point work on a definitive commercial and engineering feasibility can commence, and an application for a Mining License can be progressed and subsequently the contingent helium resources can be moved to reserves.
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