Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it and its partner Noble Helium have signed a letter of intent (LoI) with Tunisian contractor, SOFORI, to supply a Drillmec HH102 rig to be used in the next drilling campaign on the Rukwa Project in Tanzania.
Helium One's Lorna Blaisse said the move was an 'encouraging first step' towards spudding the well in the third quarter of this year.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) shares advanced on Monday thanks to the latest encouraging results from Alaska, where drilling has now reached a successful conclusion.
The Hickory exploration well, on Alaska’s North Slope, successfully encountered all its primary and secondary targets, plus one additional zone that was not anticipated prior to drilling.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that its Rio Cravo Esta-5 well, in Colombia, has reached target depth and has encountered six hydrocarbon bearing intervals which together total around 90 net feet of oil pay.
The company, in a statement, said some 36 feet of net oil pay was recorded in the Carbonera C7 interval, whilst 54 feet of oil pay was measured in the Lower Gacheta interval.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) shares strengthened some 22% in Monday’s early deals after telling investors that it has reached total depth in the Hickory-1 exploration well in Alaska, which has now encountered three further secondary targets.
The company, in a statement, followed up last week’s encouraging initial results – which confirmed the well’s primary targets – with today’s update detailing the presence of at least three more zones which either met or exceeded expectations.