- Global Oil & Gas (GLV) will begin helium exploring at the EP 127 licensing area, within the Georgina Basin in the Northern Territory
- The company has appointed Dirt Exploration to undertake a remote spectroscopy study to identify regions where elevated helium concentrates are shown in the licence area
- GLV is confident that the permit contains key elements for the accumulation of helium
- On the market this morning, GLV is up 16.7 per cent and is trading at 2.1 cents per share
Global Oil & Gas (GLV) will begin helium exploring at the EP 127 licensing area, within the Georgina Basin in the Northern Territory.
The company has appointed South African remote-sensing specialists Dirt Exploration to undertake a multi-spectrum remote spectroscopy study to identify regions where elevated helium concentrates are shown in the licence area.
Spectroscopy methods and studies have previously been used successfully to find gas and mineral deposits in the U.S., South American, Africa and Australia.
Notably, GLV is confident that the permit contains key elements for the accumulation of helium.
Helium is a high-value speciality gas with unique chemical and physical qualities and is considered a strategic element. Currently, the helium market is undersupplied and prices in the U.S are on average 100 times that of natural gas.
Additionally, GLV is also finalising plans for its in-field survey, which is expected to commence in June. The company has chosen new consultants in Australia, as the previous offshore contractors were unable to undertake the survey due to COVID-19 restrictions.
Interestingly, to date, well penetrations and oil and gas shows in the southern Georgina Basin have mostly been confined to the Cambrian Petroleum System.
That said, no analysis of natural gas for helium has been undertaken to determine if a Cambrian Helium System exists.
On the market this morning, GLV is up 16.7 per cent and is trading at 2.1 cents per share at 10:49 am AEST.