Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it expects a delay of up to two weeks in drilling the Tai-3 well in Tanzania after the Predator 220 rig suffered a component failure.
“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,” the company said in a statement.
Before the breakdown, Helium One said drilling operations were on schedule with no issues with the hole and with the target depth expected to have been reached over the coming weekend.
“We had just commenced drilling the 8.5" hole section at the top of the Lake Bed Formation, after successfully running and cementing the 13 3/8" casing.”
Drilling will recommence in accordance with the original programme, Helium One added.
Lorna Blaisse, chief executive officer, commented: "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."
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