Helium One Global to update the market next week after fresh rig outage

–News Direct–

Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) CEO Lorna Blaisse & Director of Operations Mike Williams speak to Thomas Warner from Proactive after the AIM-listed Tanzanian explorer announced work at the Tai-3 well has stopped following another rig outage. The rig, crucial for their drilling program, has suffered a hydraulic system failure that is affecting the iron roughneck, a component essential for drilling operations.

Despite an extensive audit before purchase, the problems, which emerged during actual operation, were unforeseen. Williams explains that the rig, previously unused for years, is revealing challenges as it resumes work. The company, which owns the rig outright, is now directly handling these mechanical and electrical issues, which were not apparent during the audit due to the lack of operational strain.

The team is currently troubleshooting to resume the formation evaluation program and downhole gas sampling, key to their operations. Blaisse remains optimistic about the well's condition, emphasising ongoing efforts to maintain its stability and mitigate the risk of further complications. She outlines plans to manage on-site personnel efficiently to minimise costs while the rig is out of action. The company intends to keep the market informed about the situation and plans to provide an update next week on resolving the issues and resuming full operations.

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