(Alliance News) - Helium One Global Ltd on Wednesday said its Rukwa project had advanced to the next operational phase.

The Tanzanian-focused producer of low-carbon helium holds a prospecting license for the Rukwa project encompassing a 1,899 kilometre square area in the country's southwestern region.

The company said the Itumbula West-1 extended well tests remain on track for completion in the third quarter of 2024, meanwhile a production facility study has commenced to produce the design for a production system suited to the characteristics of the site.

Alongside this, Helium One has employed local company MTL Consulting Ltd to conduct an environmental and social impact assessment as part of the feasibility study needed to obtain the mining licence.

Chief Executive Officer Lorna Blaisse said: "We are growing the team to deliver the large amount of work that is continuing in the background and that will enable us to progress the project as quickly as possible."

Helium One shares were down 10% to 1.32 pence each in London on Wednesday afternoon.

By Elijah Dale, Alliance News reporter

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