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Jan 20, 2024

Helium One (HE1) Shares Rose 4.3% on Rukwa Operation Update

The Helium One Global Ltd (LON: HE1) share price rose 4.26% after an operations update regarding progress at its 100%-owned Rukwa helium project in Tanzania. The company revealed that it had fully

The Helium One Global Ltd (LON: HE1) share price rose 4.26% after an operations update regarding progress at its 100%-owned Rukwa helium project in Tanzania. The company revealed that it had fully appointed an experienced drill crew with the help of Zenith Energy.

YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.

Zenith Energy is a UK-based energy project management company that helped Helium One quickly assemble a skilled crew. The company now has a crew operating 24 hours through a night shift and a day shift team. The crew also includes an operator supervisory team and a third-party services team.

YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Helium One has also signed a contract with Container Concepts Limited in Tanzania, which is currently mobilising to the site. The company will provide mobile homes for the crew based on converted containers, which will help reduce the company’s accommodation costs for the crew.

The company noted that the drill rig is now on the Tai-C wellsite and about 90% rigged up. The rig will be fully set up within the next few days. The Rig Manager, Night Drilling Supervisor and local rig crew are already on site and are undergoing inductions and mandatory training before the drilling commences.

Helium One expects some long lead items to arrive at the site in the second week of September, after which it expects the spud of the Tai-C well to occur in the second half of September.

Lorna Blaisse, Helium One’s CEO, commented: “We are delighted with the continued progress that we have achieved in the lead-up to spud. We now have an experienced crew in place to carry out our 24-hour drilling programme. The rig is almost completely rigged up at site, and the last few long lead items will arrive shortly. We also recognise the contribution made by Zenith in assembling an experienced, first-class crew to drill this well. This is an incredibly exciting time for the Company as we approach the spud of Tai-C in the second half of September. The team has worked very hard to get us to this point, and we look forward to the last few items required to fall into place.”

Helium One (HE1) share price.

The Helium One share price rose 4.26% to trade at 7.35p, from Wednesday’s closing price of 7.05p.

YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.