Operational update

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, has the following update on the drilling of the Tai-3 well.

At 22:15 hrs EAT (20:15 hrs BST) on Wednesday 4th October, the Predator 220 drilling rig suffered a component failure within the main rig carrier. 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.

Prior to this event, drilling operations were on schedule with no issues with the hole, our well control equipment is fully installed and pressure tested, and the rig was performing well, 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.

The Company expects it to take in the region of two weeks to source the required parts and repair the drilling rig and is confident that we will then be able to successfully recommence drilling in accordance with the original programme. Further updates will be made in due course.

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."