The Helium One Global Ltd (LON: HE1) share price edged 5.43% higher after issuing an operational update on the progress at its 100%-owned Rukwa helium project, which is now headed for its phase II drilling campaign scheduled for September.
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The company noted that it had completed the civil works on the Tai-C well site, including the access road to the site. The firm had also commenced the mobilisation of equipment from the lay-down area to the Tai-C well site.
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The primary helium explorer in Tanzania also revealed that it was at an advanced stage in recruiting an entire drill crew for the phase II drilling campaign. Lastly, the company was on track to start the drilling programme, also known as spud, in September.
Helium One noted that the civil works for the well site and access road have been carried out and completed by TNR Ltd (TNR). TNR Ltd has spent the past few months clearing, preparing, and constructing a 130m x 180m well pad, which includes a concrete cellar to house the wellhead.
The well pad was constructed to include an area for the camp that will provide accommodation for the rig crew and other project personnel. The cementing component of the well pad has been approved and signed off by the Tanzania National Road Agency (TANROADS).
Apart from the civil works on the well, TNR also cleared and prepared a 2.4km long access road to the Tai-C well site providing a clear and accessible entry to the well site and the camp. The following steps include safely moving the rig and all its equipment to the well site.
Lorna Blaisse, Helium One’s CEO, commented: “Helium One is now another step closer to commencing our drilling programme at Tai-C. We are very impressed with the high standard of work that TNR have carried out and we look forward to moving ahead into the next stage of the project. The team has been working incredibly hard, and we will now commence the mobilisation of equipment onto the well pad and finalise the drill crew as we gather momentum ahead of the September spud.”
Helium One (HE1) share price.
The Helium One (HE1) share price edged 5.43% higher to trade at 9.70p, from Friday’s closing price of 9.20p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.