George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Helium One ready to export Predator drilling rig following audit

Mon, 10th Oct 2022 10:49

(Alliance News) - Helium One Global Ltd on Monday said its preferred drilling rig has been signed off as fit for purpose by ADC Energy Ltd, a rig audit and evaluation company.

Helium One is a London-based helium explorer focused on Tanzania. It holds prospecting licences across three distinct project areas - Rukwa, Balangida and Eyasi - which are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country.

The third-party engineering audit confirmed the operational capability of the Epiroc Predator 220 Land Rig for phase two drilling at the Rukwa project area in Tanzania.

The audit included a detailed examination of the entire drilling rig and associated systems, and culminated in a successful high pressure endurance test requiring 8 hours operation at a pressure load of more than 2,000 pounds per square inch.

Helium One said energy technology company Baker Hughes Ltd will provide integrated services, including drilling fluid, cementing, wireline evaluation and downhole gas sampling.

It will now begin export procedures from Kenya, where the rig is kept, to Tanzania. The spud date is dependent on the mobilisation of Baker Hughes equipment, which the company expects to be released in December.

Chief Executive Officer David Minchin said: "The in-depth audit completed by ADC has delivered significant value to the company, flagging issues that had potential to cause considerable cost and delay if only identified later in the field. These issues have been resolved, and the Rig is now signed off as fit for purpose."

He added that an alternative rig had been identified at the Tai prospect should it not be possible to commence drilling operations in January or February 2023.

Helium One shares were trading 14% higher at 6.97 pence each in London on Monday morning.

By Holly Beveridge; hollybeveridge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Related Shares

More News
7 Mar 2024 14:31

EARNINGS AND TRADING: Nexus revenue drops; Brooks MacDonald revenue up

(Alliance News) - The following is a round-up of earnings and trading updates of London-listed companies, issued on Thursday and not separately report...

7 Mar 2024 11:00

Helium One reports solid first-half progress in Tanzania

(Sharecast News) - Helium One Global described significant milestones in its half-year report on Thursday, including the acquisition of the Epiroc Pre...

7 Mar 2024 10:06

AIM WINNERS & LOSERS: Strategic Minerals up on February sales

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

7 Feb 2024 13:59

Helium One raises £4.7m to advance planning in Tanzania

(Sharecast News) - Tanzania-focussed helium explorer Helium One Global announced on Wednesday that it has raised £4.7m ($5.92m) through a company...

7 Feb 2024 10:01

Helium One Global raises GBP4.7 million for work programme in Tanzania

(Alliance News) - Helium One Global Ltd on Wednesday said it has raised GBP4.7 million, to progress its work programme in Tanzania.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.