Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) will work with neighbour Noble Helium to source and secure a suitable drilling rig for both their operations in Tanzania's Rukwa Basin.
The AIM-listed company said it has entered into a cooperation agreement with the ASX-listed outfit, where the pair will also arrange associated services and logistics required for its planned drilling campaign.
This is not expected to impact the proposed drilling timeline, which Helium One said last week was expected to begin in the third quarter of this year.
In a separate announcement, Noble said it expected this "to result in significant synergies and cost savings, for the benefit of both groups and our respective shareholders".
New drilling rig options for Rukwa are required after access to an Exalo drill rig was unexpectedly withdrawn last month.
Lorna Blaisse has now joined the board as an executive director, the company said, following her promotion to chief executive and the conclusion of AIM regulatory due diligence.