Rig and equipment on the way to Helium One's Rukwa project

Helium One reported progress at its wholly-owned Rukwa Project in Tanzania on Thursday, with a drilling rig and equipment mobilised to a forward holding yard.

The AIM-traded firm said the rig and equipment were coming from from locations in Tanzania and Mozambique, and being moved to a yard near Mbeya, around 100 kilometres from Rukwa.

A camp had also been established at Rukwa, and was ready to accommodate workers ahead of drilling, while support systems and ancillary materials were en route from China, South Africa, the United States, Canada, Australia, and the UK.

Helium One also announced that it was now trading on the US OTCQB Venture Market under the ticker ‘HLOGF’.

“We are delighted to report on continued progress at the Rukwa project with our on the ground team commencing the process of mobilising the drill rig and support equipment to site,” said chief executive officer David Minchin.

“Mobilising a project of this size requires time and planning.

“Equipment from a wide range of sources will be collected at a forward holding yard near Mbeya before travelling in convoy to the first well location.”

Minchin said the company was seeking to encourage the “significant interest” that the Rukwa project had generated internationally with the start of trading on the OTCQB.

“The US has a significant interest in helium as a commodity and we hope that the visibility we gain will further broaden our shareholder base and increase shareholder demand in one of the major helium markets of the world.”

At 1512 BST, shares in Helium One Global were up 17.53% at 19.86p.