Helium One shares surged in early trade on Monday after releasing an update on drilling activities at their Tanzanian Helium assets.
Last week, Helium One said they were becoming frustrated with the lack of action taken by SOFORI after signing a letter of intent to provide a rig to enable drilling to start in Q3 2023. At the time, Helium One said they were exploring other avenues to ensure spudding of the drill holes would commence on schedule.
On Monday, Helium One announced they had acquired their own rig and now had full control over the drilling programme and were no longer reliant on third parties.
“I am pleased to note the above significant progress made with our efforts to ensure we drill our exciting Tai Prospect in Rukwa with a recently upgraded P50 Helium resource of 2.8 Bcf,” said Ian Stalker, Chairman, Helium One.
“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.”
Helium One has acquired an Epiroc Predator 220 drilling rig capable of drilling to depths in excess of 2,000 metres and signed a separate contract with Baker Hughes for wireline, cementing and fluids services.
Helium One shares were 49% higher at 7.6p at the time of writing.