Noble Helium’s (ASX:NHE) soon-to-be-permanently imported drill rig has been caught up in customs at the Kenyan border.
Trying to drill Western Rukwa for natural helium deposits underground – much of the world’s helium is, perhaps surprising to some, effectively mined – Noble Helium will now need to wait a little longer after inking a contract for a rig in September.
Now, the rig is caught up in paperwork at the border with Kenya.
The providing company, BoreXpert, expects final clearance at the Kenya-Tanzania border to occur over the coming weekend.
Then, it should be on-site at Rukwa by the end of next week.
Noble stated chemicals, drill pipe, wellheads, and cement are all already on-site – simply the rig must be delivered for those parts to make a sum total operation.
“While disappointed with this significant unexpected delay as a result of the permanent importation of the rig, the company is confident that this delay will not create any additional issues in completing the program to drill potentially significant shallow gas cap targets,” Noble wrote on Thursday.
NHE last traded at 5.5cps.
Join the discussion: See what HotCopper users are saying about Noble Helium and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.