Helium One Global, the leading helium explorer in Tanzania, announces that operations at the Itumbula West-1 ("ITW-1") well began on 26 July 2024.

Drilling operations have commenced at the Itumbula West-1 ("ITW-1") well, marking the start of the planned extended well test (EWT). The program aims to evaluate two key intervals: the fractured Basement and faulted Karoo, following a successful drill stem test (DST) in February 2024, which demonstrated a helium flow rate of 4.7% to the surface. Before proceeding with the EWT, the well will be further deepened into the Basement formation. Geolog is conducting mudlogging and testing during drilling to monitor helium gas shows, with preliminary signs of helium and hydrogen already noted while drilling through the 9?" shoe and re-entering the original wellbore. A portable mass spectrometer and a field pressure-volume-temperature expert are present on site to measure and verify helium gas readings and to analyze downhole samples from the extended well test (EWT). SLB (formerly Schlumberger), a global technology company, is contracted for fluid services, and surface well testing equipment is en route to the operating location. Phase III of the operations, covering the period from spudding to the completion of the extended well test (EWT), is anticipated to last around five weeks.

Lorna Blaisse, Chief Executive Officer, stated: "We have officially launched our Phase III operations and are eager to see the outcomes of the extended well test (EWT) at ITW-1. The results from the February 2024 drill stem test, which showed a successful flow of 4.7% helium and 2.2% hydrogen from the fractured basement, were highly promising. We are now focused on thoroughly assessing this play. Our team has been refining the subsurface modeling in preparation for the EWT, and these results will be incorporated into the feasibility study.

We anticipate making further announcements as we deepen the well and begin the critical testing phase of the fault-fracture helium play.

We are proud to lead this significant helium well test in Tanzania and extend our gratitude to the Ministry of Minerals, the Mining Commission, and the University of Dar es Salaam for their support and recognition of the project. We also appreciate the ongoing cooperation of our local communities and the regional government in southern Rukwa."

The ITW-1 well operations successfully began on July 26, 2024. The Company has drilled out the 9?" shoe track and is now re-entering the original 8½" hole. The next step involves deepening the well into the Basement ahead of the extended well test (EWT). After drilling out the shoe track and re-entering the wellbore, elevated levels of helium and hydrogen were observed flowing to the surface.

Building on the positive results from the February 2024 drill stem test, which revealed a flow of 4.7% helium and 2.2% hydrogen from the fractured Basement, the Company plans to test two key intervals: the fractured Basement and the faulted Karoo. Following drilling, slotted casing will be installed and cemented, and a completion string will be set up before starting the EWT. If successful, the well will be put on hold as a future production candidate.

During the testing phase, measurements of helium and hydrogen gas, as well as flow rates, pressure, and reservoir performance, will be closely monitored. The Company will collect and analyze gas samples on-site, verifying gas composition in real-time. Results from the EWT will be integrated into a detailed subsurface dynamic model, which will help estimate resources and contribute to a comprehensive feasibility study.

The full duration of the process, from spudding to the completion of the extended well testing across both zones, is projected to be approximately five weeks.