Business
Company update
Company update.
About this update from Helium One Global Limited
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.\n \n05 December 2023\n\n \n \nHelium One Global Ltd\n(\"Helium One\" or \"the Company\")\n \nCompany update\nHelium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to provide the following operational and financing updates.\n \nHighlights\n· Replacement iron rough neck for the Epiroc Predator 220 drilling rig purchased and currently being mobilised from the USA; installation expected to be completed within three weeks\n· Hydraulic and electrical maintenance and repairs currently nearing completion\n· Civils work at the revised Itumbula well pad (West-A) now complete and rig successfully rigged down from Tai-3 and moved to Itumbula\n· Spud of Itumbula well now anticipated to be early January 2024; targeting a large, deep seated basement fault and additional play concept\n· Site personnel reduced to minimise costs during rig maintenance and repair period\n· A cost analysis and budgeting exercise in relation to Itumbula well indicates a need for further funding and the Company is in positive and advancing discussions with a number of investors\n \n \nRig Maintenance and Drilling Operations\nThe Company has now successfully purchased and mobilised a replacement iron rough neck from the USA. This new item will replace the existing iron rough neck component on the Company's Epiroc Predator 220 drilling rig and is expected to arrive on site, at the Itumbula well location, and to be installed within the next three weeks.\nOver the past two weeks, a specialist Hydraulics Engineer has been reviewing the hydraulic system of the drilling rig and the Company is confident that these issues have now been rectified.\nFollowing rig down at Tai-3, the rig itself and all associated equipment (including the substructure and the pipe skate), have now been successfully moved to the Itumbula lay down area, located approximately 1.2km from the Itumbula well pad. It is at this location that the remainder of the rig maintenance and repair wor...