Rift Helium (AIM:RIFT), the primary helium exploration company focused on the Upepo Project in Tanzania's Rukwa Basin, reported unaudited results for the six months ended 30 June, confirming it held £6.77 million in cash at period end with no borrowings.
The AIM-listed company raised approximately £8.1 million through its admission to AIM in April, funding it moved to described as sufficient for its planned 3D seismic and drilling campaign, with no material capital commitments outstanding.
Post period end, Rift received an Environmental Impact Assessment Certificate covering the 3D seismic programme and drilling of up to three exploration wells, clearing the way for mobilisation to begin.
Upepo's 283 square kilometre licence sits adjacent to confirmed helium discoveries in the Rukwa Basin, with an independent competent person's report identifying gross unrisked prospective resources of approximately 19 billion cubic feet on a P50 basis and approximately 41 billion cubic feet on a mean basis.
"With mobilisation now underway, we are turning the foundations created at IPO and built on since, into seismic data, drill targets and, ultimately, exploration results," said Charles FitzRoy, chief executive.
The company also flagged growing Tanzanian government recognition of helium's strategic importance, with the mineral expected to be added to the country's Critical and Strategic Minerals list.
Seismic data acquisition is expected to define and rank priority drilling targets ahead of the planned exploration campaign in the first half of 2027.
News Intelligence what this means for the company
Rift Helium has begun mobilising its 3D seismic programme at Upepo following receipt of environmental clearance, moving from permitting into field execution ahead of planned drilling in H1 2027. The company retains £6.77 million in cash against no debt, sufficient to fund the announced work programme without near-term capital raises, and benefits from Tanzania's recognition of helium as strategically important.
Execution risk now shifts from permitting to seismic data quality and drill-target definition. The company remains fully funded through its planned exploration phase, but helium commercialisation remains years away and dependent on discovery success in an early-stage, unproven basin.
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