Helium One Global Ltd on Monday said that it has restarted drilling at the Tai-3 well in Tanzania, following a component failure in the main rig earlier in October

Helium One Global shares were trading 13% higher at 5.53 pence each in London on Monday morning.

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Helium One is a London-based helium explorer focused on Tanzania. It holds prospecting licences across three distinct project areas - Rukwa, Balangida and Eyasi - which are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country.

Last Friday, Helium One successfully installed the replacement part needed to resolve a component failure in the main rig carrier that occurred on October 4.

The Predator 220 rig then underwent testing prior to restarting operations. As of Sunday, it has now restarted drilling.

The firm said it would now drill ahead to a planned total depth of 1,100 metres measured depth, through the primary reservoir targets in the Lake Bed Formation, Karoo Group and Basement.

It expects to make a further announcement once target depth is reached.

‘As a company, we remain resilient and continue to proactively address any hurdles we encounter. The wider Helium One team, both at the rig site and elsewhere, have pushed exceptionally hard over the past week to troubleshoot the issue, source a replacement part from the USA, reinstall and repair the rig and I am pleased that we are now back on track in an extremely short period of time,’ said Chief Executive Officer Lorna Blaisse.

‘We very much look forward to drilling ahead into our target reservoirs at Tai-3 over the coming days and to evaluate the well, prior to rigging down and moving the rig to our next location at Itumbula.’

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