Helium One Global and its partner have arranged a contract for a rig

Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has announced that it, along with partner Noble Helium, has signed a letter of intent with Tunisian contractor SOFORI.

The agreement is for the supply of a Drillmec HH102 rig, which will be used in the upcoming drilling campaign on the Rukwa Project in Tanzania.

According to Lorna Blaisse, a representative of Helium One, this is an encouraging development and marks the first step towards initiating the drilling process in Q3 2023. The company has also signed a cooperation agreement with Noble Helium, with the aim of reducing mobilization and demobilization costs.

The rig contract negotiations are ongoing, but SOFORI has confirmed that the rig will not have any conflicting commitments in the future. Consequently, Helium One has already ordered long-lead items and plans to provide further updates as the situation progresses.

The company is keen to finalize the letter of intent and transition it into a definitive contract as soon as possible.

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