Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, provides a rig update in relation to the Company’s contractual relationship with SOFORI taking into account today’s announcement by Noble Helium (ASX: NHE).
The Company has previously issued a number of deadlines to SOFORI but continues to have concerns about the lack of operational and contractual progress required under the terms of the non-binding Letter of Intent (“LoI”) and, pursuant to legal advice received by the Company, have issued SOFORI with a rectification notice.
The Company continues to review, and progress, a number of alternative options that, in the event that SOFORI do not fulfil the obligations outlined to them in the notice of rectification, will still enable Helium One to meet its targeted drilling of the Tai-C well in Q3 2023. The Drillmec HH102 Marriott rig is also another option that the Company continues to evaluate. In preparation for the Q3 spud the Company has also already commenced it’s civils work at site in order to expedite the drilling campaign.
The Company will provide further updates as appropriate.
Lorna Blaisse, CEO of Helium One, Commented:
“Whilst frustrating that a definitive contract has not been signed, we continue to work with SOFORI with a view to fulfilling their obligations under the LoI. In the meantime, we have commenced our civils work at site in order to ensure we can expedite drilling Operations as soon as possible once we have a rig secured.”
