Helium One Global Ltd on Thursday said that it suspended operations at its Predator 220 drilling rig in Tanzania due to a component failure within the main rig carrier.

The Tanzania-focused helium explorer said the setback in the drilling of the Tai-3 well occurred late Wednesday.

‘In order to undertake the necessary repairs, mechanical parts will need to be brought in from outside of Tanzania and, as a result, will require us to temporarily suspend operations whilst these repairs are carried out,’ it explained.

Helium One said it will take around two weeks to source the needed parts and repair the rig. It then expects to recommence drilling in accordance with its original programme.

Chief Executive Officer Lorna Blaisse said: ‘This is understandably a huge frustration to everyone involved as the rig was performing well and drilling on schedule. The team are currently working on sourcing the required parts to resolve this issue and are hopeful that this will only be a temporary delay before drilling is recommenced.’

Helium One shares fell 18% to 4.10 pence per share on Thursday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.