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(Alliance News) - Helium One Global Ltd on Monday said it has acquired an Epiroc Predator 220 drilling rig for use at its Rukwa project in Tanzania.
Helium One shares surged 41% to 7.19 pence each on Monday morning in London.
The Tanzania-focused helium explorer said the drilling rig, which is capable of drilling more than 2,000 metres deep, is in Tanzania and is being mobilised to its Rukwa site.
Helium One said it will use the rig to drill the Tai-C well in the third quarter of 2023, and is targeting a spud date in September.
Ownership of the rig means that Helium One can quickly move to the appraisal phase after drilling Tai-C, enabling accelerated exploration at its Rukwa, Eyasi and Balangida projects, it said.
Helium One didn't name the seller of the rig, nor say how much it paid for it.
The rig was signed off as suitable for operations in July last year by international rig inspection and audit company ADC Energy Ltd, with a more recent expectation indicating that the rig remains in working order.
Helium One added that items including drill bits, bottom hole assemblies and drill pipe that had already been purchased by the company are compatible with the new rig, reducing additional spending.
Chair Ian Stalker said: "This is indeed a milestone event for the company and opens up a range of ancillary options for the company as well as, most importantly, securing the control of our own drilling programme and any future appraisal and further exploration activities."
Chief Executive Lorna Blaisse commented: "We are delighted to finally have reached this significant milestone of securing a rig for our Q3 drilling programme in Rukwa. This enables us to execute on what we set out to do and drill the Tai-C well.
"Having acquired a rig which is now in country, as well as civils and well pad preparations underway, we are on track for a Q3 spud date and we can now move forward and focus on executing a safe and successful drilling programme."
By Harvey Dorset, Alliance News reporter
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