Helium One Global has been informed that the current operator of the Exalo drill rig in southern Africa has amended their contract with Exalo to allow for an extension of their operations for a period of up to twelve-months. Through the execution of a non-binding Memorandum of Understanding, announced on the November 22, the Company had understood that the Exalo rig was due to be mobilised to its Rukwa licence area in early 2023. The Company continued in good faith to negotiate detailed mobilisation and logistics arrangements until unexpectedly notified on the 2nd of January that contract terms between Exalo and the operator had changed.

The Company is reviewing a number of alternative rig options for Phase II Tanzania drilling operations and will announce an updated timeline to drilling once new arrangements have been confirmed.