Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, provides the following update on Tai-3 operations.
The Company’s Epiroc Predator 220 drilling rig has encountered an issue with the hydraulic system which, as a result, is affecting the performance of the iron rough neck mechanism. Both the hydraulic system and the iron rough neck are critical to the operations of the rig and, as a result of this, the Company has had to temporarily shut down operations whilst the full extent of the issue is determined.
As a result of this, the Company is currently unable to pull the drill string out of the hole and has therefore been unable to commence wireline operations as planned. However, the drill pipe can still be rotated and drilling fluid circulated so wellbore stability remains good.
The Tai-3 results during drilling were very encouraging with helium shows up to six times above background at multiple levels, increasing in frequency and quality with depth. The Company and on-site team remain fully focused and committed to resolving this temporary setback so that the valuable wireline data and downhole gas samples can still be obtained.
The Company will provide further updates in due course.
Lorna Blaisse, Chief Executive Officer, commented:
“Whilst this delay is frustrating not only for the team, but also for our shareholders, we are hugely encouraged by the initial results from Tai-3 and are looking forward to a full and positive well evaluation as soon as this issue is resolved.”
