Helium One Global rig acquisition "marks the beginning of a new chapter"
July 11, 2023 at 09:25 am
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Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) CEO Lorna Blaisse speaks to Thomas Warner from Proactive London after announcing that the AIM-listed exploration company has acquired an Epiroc Predator 220 drilling rig. Blaisse explains the circumstances around the purchase and reveals why Helium One has decided to buy rather than lease a machine. She reiterates that she fully expects to spud the Tai-C well during the third quarter of this year.
The collaboration agreement with Noble is still in play, and opportunities exist for the rig in Tanzania's energy sectors. With the rig now in Tanzania, the company is currently moving it to the drilling site where preparatory work continues apace. She says the acquisition "marks the beginning of a new chapter" for the company. Helium One Global describes itself on its website as being "formed to explore, develop, and ultimately, become a producer of low-carbon helium, a critical material essential in many modern technologies."
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Helium One Global Ltd is a United Kingdom-based primary helium explorer in Tanzania. The Company's Rukwa, Balangida, and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. The assets lie near surface seeps with helium concentrations ranging up to 10.6% helium by volume. All its licenses are held on a 100% equity basis. The Company's flagship Rukwa project is located in southwestern Tanzania within the Rukwa Rift basin which occupies the western branch of the East Africa Rift System (EARS) covering approximately 1,900 square kilometers (km2) in south-west Tanzania. This Project has proved an established helium system where the Itumbula West-1 exploration well has flowed 4.7% helium to surface. Its Balangida project area is located in north-central Tanzania. The Company's Eyasi Project has geological similarities to the Rukwa Project, demonstrating the potential to host a helium deposit.