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Wednesday, May 10, 2017
Solo Oil updated the recent technical progress made by Helium One, in which it holds a 10% interest and an option to acquire another 10%. Helium One is a pure play helium explorer in Tanzania.
Helium One completed the acquisition of extensive airborne geophysical data with the preliminary grids expected to be received later in May. In parallel with this and to complement that data, after successful analysis of the soil micro-seepage survey completed in 2016, furthermore detailed soil geochemistry survey is expected to commence in the third quarter of 2017. So far Helium One has collected and analyzed almost 1,500 soil samples for helium, CO2, hydrogen, nitrogen and hydrocarbons in the most advanced project in the Rukwa license area.
The work program being undertaken in 2017 is intended to identify drillable prospects as soon as practical with drilling planned for 2018.
Neil Ritson, Solo’s Chairman commented “Helium One’s license areas, and especially Rukwa, represent one of the most exciting new potential sources of commercial helium in the world today. The most recent results from the field continue to be very encouraging and the integration of all the data will move us much closer to drilling a subsurface trap. Solo’s team is working closely with Helium One and providing our expertise in developing the timeline and plan for technical activity ahead of drilling which is currently scheduled for next year.”
Helium is a naturally occurring elemental gas which, owing to its unique properties, is critical to the function of superconductors which are used in several forms of scientific and medical scanners, such as MRI; it also has extensive uses in computing and communications infrastructure manufacture, industrial testing and transportation. Global demand for helium is growing at a rate that is outstripping supply, which presents a significant pricing opportunity for future producers.
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