Drilling Rig Update

RNS Number : 5612V

Helium One Global Ltd

06 April 2023

 

06 April 2023

Helium One Global Ltd

("Helium One" or "the Company")

Drilling Rig Update

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to announce that the Company has, alongside Noble Helium (ASX:NHE), entered into a Letter of Intent ("LoI") with Tunisian Drilling Contractor, SOFORI, for the provision of the Drillmec HH102 oil and gas rig for their drilling campaign at Rukwa. This rig share initiative, following on from the co-operation agreement, will enable the Company to save significant costs on mob/demobilisation.

The Company looks forward to progressing this LoI into a definitive contract.

Lorna Blaisse, CEO of Helium One, commented:

"We are pleased to have entered into this LoI with SOFORI and Noble Helium. This is an encouraging step towards our proposed spud date of Q3 and is both timely and cost effective.  While negotiations continue, with a view to signing a contract as soon as possible, SOFORI have informed us that the rig has no further conflicting commitments going forward. As a result of this, we have already placed orders for long lead items. We look forward to providing further updates as appropriate."

For further information please visit the Company's website: www.helium-one.com  

Contact

Helium One Global Ltd Lorna Blaisse, CEO	[phone]
Liberum Capital Limited (Nominated Adviser and Joint Broker) Scott Mathieson Ed Thomas Nikhil Varghese	[phone]
Peterhouse Capital Limited (Joint Broker) Lucy Williams	[phone]
Tavistock (Financial PR) Nick Elwes Tara Vivian - Neal	[phone]

Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences totalling more than 2,964km² across three distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.

The Rukwa, Balangida, and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. The assets lie near surface seeps with helium concentrations ranging up to 10.6% He by volume. All Helium One's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.

The Company's flagship Rukwa Project is located within the Rukwa Rift Basin covering 1,900km² in south-west Tanzania.  The project is considered to be an advanced exploration project with leads and prospects defined by a subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis. The Rukwa Project has been de-risked by the 2021 drilling campaign, which identified reservoir and seal with multiple prospective intervals from basin to near surface within a working helium system.

Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.

 

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