Noble Helium (ASX:NHE) said its board decided to postpone its western margin shallow drilling program in Tanzania, based on the recommendation of its cofounder and technical director Justyn Wood, according to a Thursday Australian bourse filing.
The firm plans to restart the program after the current rainy season.
Short-term weather forecasts are predicting increasing rain events and current access between Kinambo and Mbelele in Tanzania is restricted, the filing said.
It added that the rig remains available to mobilize once conditions allow.
The firm's shares declined 19% in recent trading on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.