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(Alliance News) - Helium One Global Ltd said on Tuesday it has signed a memorandum of understanding with Exalo Drilling SA for the supply of a drilling rig on the Rukwa licence in Tanzania.
The London-based helium exploration company said its target spud rate for drilling at Rukwa remains the first quarter of 2023.
Chief Executive Officer David Minchin said the rig will be transported alongside the Baker Hughes integrated services package currently in use at the same location, avoiding a delay to the start of the drilling campaign.
"Helium One have been conducting background due diligence on the Exalo rig for some time and, as it became apparent that legal issues would delay the mobilisation of the Predator rig, the company was able to advance discussions with Exalo and execute an MoU that will enable the company to secure the rig for the Rukwa drilling campaign," said Minchin.
Helium One Global added that all of its prospecting licences were renewed across September and October, demonstrating continued project support from the Tanzanian government.
Shares in Helium One Global were up 11% to 6.54 pence in London on Tuesday midday.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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