By Elena Vardon
Helium One Group shares fell after the company said it has temporarily suspended operations at a drilling rig of its Tai-3 well in Tanzania due to a component failure.
At 0844 GMT, shares were down 0.87 pence, or 17%, at 4.13 pence.
The helium-exploration company said Thursday that it will need to bring in mechanical parts from outside the country to undertake the necessary repairs at its Predator 220 drilling rig. This is expected to take it around two weeks, the company said, adding that it is confident drilling will restart in line with the original program.
“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,” Chief Executive Lorna Blaisse said.
Drilling operations had been on schedule before the failure, with the rig performing well, it added.
Write to Elena Vardon at elena.vardon@wsj.com
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