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Helium One Contracts Exalo for a new Drilling Rig

Helium One has signed a MoU with Exalo Drilling to supply a drilling rig for Rukwa. This change of drilling contractor follows legal complications that the company believes would have impacted by the timing and availability of the earlier contracted Predator Rig. The new rig will be transported together with the Baker Hughes integrated service package. Use of Exalo for Phase II drilling programme is not expected to increase costs relative to the Predator rig and is due to commence in Q1 2023. Helium One has also received renewal certificates for all licences subject to renewal in September and October 2022.

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