Helium One Global plc is reviewing alternative rig options after the expected rig became unavailable for Phase II drilling operations at Rukwa, Tanzania.
EXHALO RIG
The company had expected the Exhalo rig to mobilise in early 2023 and continued negotiations until it was yesterday “unexpectedly notified” that the current operator had decided to retain the rig for up to a further 12 months.
Helium One chose Exhalo following complications with the Epiroc Predator 220 rig which had faced delays.
ALTERNATIVE RIGS
“The decision by the current operator to pay rig retention costs rather than release the unit is both disappointing and frustrating,” said chief executive David Minchin.
“However, based on recent rig searches, the company is aware of a number of alternative rigs for our Phase II exploration drilling.
“We are rapidly reviewing these options to inform the market with updated rig selection and timeline to drilling.”
Helium One remained committed to delivering a successful Phase II exploration drilling campaign as early in 2023 as possible, he added.