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Shares of Helium One (LON: HE1) have surged on Thursday after the company said it has begun mobilising a drilling rig and equipment for its Rukwa Project in Tanzania.
The drilling rig and equipment will be moved from locations in Tanzania and Mozambique to a forward holding yard near Mbeya, approximately 100km from Rukwa.
The company has also established a camp at Rukwa, ready to accommodate workers ahead of the drilling with support systems and ancillary materials on route from China, South Africa, the USA, Canada, Australia and the UK.
David Minchin, CEO of Helium One, commented: “We are delighted to report on continued progress at the Rukwa project with our on the ground team commencing the process of mobilising the drill rig and support equipment to site. Mobilising a project of this size requires time and planning.
“Equipment from a wide range of sources will be collected at a forward holding yard near Mbeya before travelling in convoy to the first well location.
“Management has worked tirelessly to deliver this project on time and I am immensely proud of the achievements of all involved as we look to deliver our maiden drilling programme on schedule in mid-May.”
Helium One also announced that its shares will cross-trade publicly on the US OTCQB Venture Market under the ticker symbol HLOGF from today.
Minchin continued: “The Company is seeking to encourage the significant interest that our Rukwa project has generated internationally with the commencement of trading of our shares on the OTCBQ.
“The US has a significant interest in helium as a commodity and we hope that the visibility we gain will further broaden our shareholder base and increase shareholder demand in one of the major helium markets of the world.”
Helium One’s share price has surged following the news, climbing over 19.7% to 20.24p.
Helium One shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Helium One shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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