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Yahoo
2 days ago
- Business
- Yahoo
Helium One Global Ltd Announces Galactica Project Update
Completion of Successful Drilling Campaign on Galactica-Pegasus Project and State-9 Flow Test Results and Gas Analysis Update LONDON, UNITED KINGDOM / / June 10, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX:BNL) ("Blue Star") announcement issued today regarding the Galactica Project. Highlights Successful completion of the 2025 Galactica development drilling programme; significantly advancing the Galactica-Pegasus helium and CO2 project Consistent positive results across all six wells in the programme confirms the production potential and near-term monetization opportunity Well results support finalizing the development plan and fast-tracking to commercial production Next steps include advancing the Galactica wells to initial production in Q4 2025, utilizing the planned processing facility State-9 flowed naturally during drilling and at Total Depth ("TD") Flow rate at State-9 since TD has increased to over 360 thousand cubic feet per day ("Mcfd") Projected Stabilized Flow Rates are 400 Mcfd to 500 Mcfd constrained to optimize production, with a maximum potential rate of 600 Mcfd Early samples return helium concentration of up to 1.52% (air-corrected) and 80.48% CO2 Lorna Blaisse, Chief Executive Officer, commented: "This has been a successful development campaign, with consistently good flow rates and helium concentrations within the expected ranges. We appreciate the efforts of Blue Star in driving this operation, and very much look forward to the next steps in bringing these wells online and targeting first production and cash flow in Q4 this year. We have a clear development plan in place for the construction of the processing facility, the tying in of the wells and the subsequent testing and commissioning to take us through to first production and are excited about the wider field development potential across the Galactica-Pegasus resource." Details of Galactica Drilling Programme The completion of this six well development programme is a key component of the broader Galactica-Pegasus development strategy; aimed at progressing the helium and CO2 discoveries to near-term commercial production. This programme has seen a systematic approach to developing the extensive Lyons Formation reservoir. The programme has delivered encouraging results, in line with expectations, consistently encountering good helium and CO2 concentrations in the target formation and demonstrating promising flow potential. The Galactica wells are summarized below: Next Steps: Finalizing Development Planning and Commercial Production Following the successful conclusion of the 2025 drilling campaign, the focus is now on advancing the Galactica development into initial commercial production from the Pinon Canyon Plant. This plant will be designed and operated by Cimarron Midstream (previously IACX Energy LLC) and will be installed close to the Jackson-31 well. Phase 1: Commercial Production from Pinon Canyon Plant (Target: Q4 2025) The primary target is to commence initial commercial helium production from the Pinon Canyon Plant. This will be achieved by tying in the initial group of producing wells to this helium and CO2 processing plant. Key activities to achieve this include: 1. Finalizing Plant Design: Engineering design studies for the Pinon Canyon Plant are advancing with flow data and gas analysis from the recently completed drilling campaign being integrated. The final design of the helium and CO2processing plant will be determined once all of the gas analysis and flow modelling has been completed. 2. Site Development: Civil works will commence at the approved Pinon Canyon Plant location once the final plant layout is determined. 3. Equipment Mobilization: Following site preparations, mobilization of the plant equipment to the Pinon Canyon site will be undertaken. 4. Well Tie-Ins and Compression: Tie-in of initial production wells, including any necessary well-site gas compression, will proceed alongside plant site civil works. 5. Commissioning: Upon completion of the Pinon Canyon Plant and individual well tie-ins, the plant will be tested and commissioned. This is subject to standard operational permits, environmental compliance, and final readiness assessments. This initial production phase is designed to provide early cash flow and invaluable operational data, which will be instrumental in optimizing full-field development plans for both the Galactica development and the broader Galactica-Pegasus Project. All production forecasts and commissioning timelines remain subject to a number of factors including: final engineering; regulatory approvals; equipment availability; and market conditions. Phase 2: Expanded Throughput and CO2 Monetization Following the successful commissioning and ramp-up of initial helium production from the Pinon Canyon Plant, Phase 2 will focus on increasing helium production and monetizing CO2 through the existing facilities. Increasing Helium Production: Expanding throughput at the Pinon Canyon Plant by drilling and tying-in additional production wells from the Galactica development area. Beyond the wells planned for initial production, the joint venture has identified an initial additional six to ten infill and expansion drilling locations at Galactica, based on recent results. A further 20 to 30 potential drilling locations have been identified within the greater Galactica-Pegasus Project area. In addition, to date, all production wells have been completed within the Upper Lyons Sandstone Formation. Future infill and expansion drilling will consider strategies for accelerating and optimizing production from the Lower Lyons Sandstone Formation, in conjunction with the Upper Lyons Sandstone Formation. The joint venture is currently evaluating the sequencing and prioritization of future drilling to maximize efficiency, production scalability, and resource recovery. CO2 Monetisation: The plant will require minor modifications to allow for integration of the additional CO2 purification and liquefaction process, that will allow production and commercialization of the project's significant CO2 resources. Marketing and Offtake Strategy The joint venture is actively developing its marketing and offtake strategy with a view to establishing operating partners across the entire helium supply chain. These include but are not limited to, securing distribution partners for transportation of both bulk liquid helium and gaseous helium, pursuing direct sales to end-users, targeting buyers who prioritize continuity and security of supply and aiming for long-term agreements designed to navigate helium supply and price cycles effectively. Development Strategy and Future Outlook This phased approach allows for efficient capital deployment and leverages early operational learnings from the Pinon Canyon Plant. Based on the future performance of the Pinon Canyon Plant and ongoing appraisal drilling success, the joint venture will also assess the potential for establishing a second processing facility at a new location to further develop the extensive resources within the Galactica-Pegasus Project area. Further updates will be provided to the market at key milestones during the development phase. State-9 Flow Test Results and Gas Analysis The State-9 well reached TD at 1,225 feet (373m) within the Upper Lyons Formation, encountering the Lyons Sandstone Formation at 1,165 feet (355m). As expected, no water was encountered during drilling of the Lyons Formation with wireline logs confirming the penetrated Lyons Sandstone Formation to be high-quality and gas saturated. Flow testing since TD has revealed increasing natural flow rates, reaching approximately 360 Mcfd to-date. Strong pressure build-up post-testing indicates high permeability and good reservoir communication. Based on the previous engineering study described below, and the observed flow rates, the projected stabilized flow rates constrained for production optimization are expected to be between 400 Mcfd to 500 Mcfd, with a maximum of 600 Mcfd. Initial laboratory analysis of gas samples from State-9 showed a helium concentration up to 1.52% (air-corrected) and 80.48% CO2 (and 17.69% nitrogen). The well has tested the far eastern extent of the Galactica project area. Understanding the flow potential and reservoir gas composition in this part of the field is key to defining the helium-CO2 development going forward. For further information please visit the Company's website: Contact Helium One Global Ltd Lorna Blaisse, CEO Graham Jacobs, Finance and Commercial Director +44 20 7920 3150 Panmure LiberumLimited (Nominated Adviser and Joint Broker) Scott Mathieson Nikhil Varghese +44 20 3100 2000 Zeus Capital Limited (Joint Broker) Simon Johnson Louisa Waddell +44 20 3829 5000 Tavistock(Financial PR) Nick Elwes Tara Vivian-Neal +44 20 7920 3150 Notes to Editors Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licenses across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market. The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licenses are held on a 100% equity basis. The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024. Following the success of the extended well test, the Company flowed significant quantities of helium to surface and filed a Mining License ("ML") application with the Tanzania Mining Commission in September 2024. The 480km2 ML has now been offered to the Company and was officially accepted in March 2025. The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL) and has successfully completed a six well development drilling campaign in H1 2025. The completion of the development programme is a key component of the broader Galactica-Pegasus development strategy; aimed at progressing the helium and CO2 discoveries to near-term commercial production. This programme has seen a systematic approach to developing the extensive Lyons Formation reservoir. The programme has delivered encouraging results, in line with expectations, consistently encountering good helium (up to 3.3% He) and CO2 concentrations in the target formation and demonstrating promising flow potential. The next steps will see the Galactica wells tied into initial production in Q4 2025. Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Helium One Global Ltd View the original press release on ACCESS Newswire
Yahoo
06-05-2025
- Business
- Yahoo
Helium One Global Ltd - Jackson-2 Well Drilled to TD & Free Gas Confirmed
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. LONDON, GB / / May 6, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX: BNL) ("Blue Star") announcement issued today regarding the Galactica Project. Highlights Jackson-2 well successfully drilled to total depth ("TD") of 1,232ft (375m) measured depth ("MD") with free gas confirmed by wireline logs Well flowed naturally during drilling and at TD, demonstrating good reservoir communication The well encountered 73ft (22m) gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated sands in the Upper Lyons Sandstone Formation Samples sent to laboratory for analyses of helium and CO2 concentrations Well head being installed ahead of surface pressure readings and flow testing Lorna Blaisse, Chief Executive Officer, commented: "This has been a very successful development campaign to date, and Jackson-2 is the fifth well to have been drilled. Based on these wells coming in as expected, with consistently good flow rates and helium concentrations across the Galactica project, we will continue with the campaign and drill the sixth and final well of this campaign at State-9, which is expected to commence shortly. Blue Star are assessing the overall programme in order to determine the timing of the next phase, which will include installation of the processing facilities and the tie-in of the wells." Jackson-2 WellDrilling and Initial Flow Test Results The Jackson-2 L4 3154 development well encountered the Lyons Sandstone Formation at a depth of 1,159ft (353m) MD and was completed 73ft (23m) into the Upper Lyons Sandstone Formation at 1,232ft (375m). The well exhibited strong natural flow during drilling and at TD, in line with the recent Jackson-27, Jackson-29, Jackson-31 and Jackson-4 wells. Significantly, no water was encountered during drilling of the Lyons Sandstone Formation and wireline logs confirmed this. Based on offset wells, it is likely that the entire Upper Lyons Sandstone Formation, and a significant portion of the Lower Lyons Sandstone Formation will be gas saturated. Jackson-2 targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation, which is connected to the entire gas column. During the natural flow of the well, early gas samples were taken (note, these will be contaminated from air-drilling and will require air-correcting) and are being delivered for laboratory analyses of helium and CO2 concentrations. The well head installation is being completed ahead of surface pressure readings, flow testing and further gas sampling. It is anticipated that, upon successful testing at Jackson-2, the well will be completed, ready to be tied-in to production facilities. The rig is planned to be mobilised to the State-9 SWSE 3054 well location next, the sixth and final well in this current campaign, where pad construction will commence shortly. Galactica/Pegasus Development The Galactica project forms part of the broader Galactica/Pegasus development, discovered by Blue Star in 2022. This large-scale project offers multiple potential product streams. Blue Star is advancing the Galactica project in joint venture with Helium One Global Ltd. Under the farm-in agreement, Helium One will fund the first US $450,000 of this well. The third-party owned Red Rocks helium project adjoins Blue Star's Galactica Project (see map below). Development of Red Rocks further supports the commercialisation of the Galactica Project. For further information please visit the Company's website: Contact Helium One Global LtdLorna Blaisse, CEOGraham Jacobs, Finance and Commercial Director +44 20 7920 3150 Panmure LiberumLimited (Nominated Adviser and Joint Broker)Scott MathiesonNikhil Varghese +44 20 3100 2000 Zeus Capital Limited (Joint Broker)Simon JohnsonLouisa Waddell +44 20 3829 5000 Tavistock(Financial PR)Nick ElwesTara Vivian-Neal +44 20 7920 3150 Notes to Editors Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market. The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis. The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024. Following the success of the extended well test, the Company flowed significant quantities of helium to surface and filed a Mining Licence ("ML") application with the Tanzania Mining Commission in September 2024. The 480km2 ML has now been offered to the Company and was officially accepted in March 2025. The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL). Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Helium One Global Ltd View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
03-03-2025
- Business
- Associated Press
Helium One Global Ltd Announces Company Receives Offer of Mining Licence
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Company Receives Offer of Mining Licence for Southern Rukwa Helium Project, Tanzania LONDON / ACCESS Newswire / March 3, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to provide the following update on its southern Rukwa Helium Project in Tanzania. Highlights The Company has received an offer letter from the Mining Commission ('MC') in Tanzania for the grant of a Mining Licence ('ML') for the southern Rukwa Helium Project The potential ML will be for an area of approximately 480km2 and will cover all of the southern Rukwa Helium Project in the Momba, Sumbawanga Districts in the southern Rukwa Basin and is consistent with the area that was applied for under the application The offer of the ML follows approval by the Ministry of Minerals ('MoM') who have given the MC permission to grant a larger than standard ML that will enable the southern Rukwa Helium Project to be developed to its full potential Offer letter and terms are currently being reviewed by the Company Lorna Blaisse, Chief Executive Officer, commented: 'As we continue to drive forward, this achievement for the Company marks a milestone in our progress as the primary helium company in Tanzania. This historical moment, for both the Company and for Tanzania, is the first ML to be offered for helium in Tanzania and also the first of such a significant size. I would like to express my appreciation to the Ministry of Minerals and the Mining Commission for their support of this application and project, and for entrusting the Company in paving the way for this flagship commodity sector in-country. I would like to thank the Helium One team who have worked so hard on this and to all our shareholders for their continued support.' Details The offer letter of the ML is an achievement for the Company, following the discovery at Itumbula West-1 last year. The ML application, which was submitted in September 2024, was accompanied by a feasibility study which outlines the potential of the helium resource in southern Rukwa. Following approval from the MoM, the MC were able to allow the full 480km2 which was applied for, and which is significantly larger than a standard ML area for conventional mining practices. The MoM and MC recognise that the helium potential in southern Rukwa is geologically unique given the gas in solution play, and that the Company has identified extensive faulting mechanisms and fracture networks and by including these in the ML area, it provides the Company with the best opportunity to fully leverage the helium potential. The offer letter and terms are now under detailed review by the Company and further announcements will be made in due course. Contact Notes to Editors Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market. The southern Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis. The Company's flagship southern Rukwa Helium Project is located within the southern Rukwa Rift Basin covering 1,664km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024. Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence application with the Mining Commission of the Tanzanian Government. The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL). Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit
Associated Press
03-03-2025
- Business
- Associated Press
Helium One Global Ltd Announces Jackson-31 Well Drilled to TD & Free Gas Confirmed
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Jackson-31 Well Drilled to TD and Free Gas Confirmed LONDON, UNITED KINGDOM / ACCESS Newswire / March 3, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ('the Galactica Project'), provides an update following the Blue Star Helium (ASX: BNL, OTC:BSNLF) ('Blue Star') announcement issued today regarding the Galactica Project. Summary Blue Star is pleased to announce that the Jackson-31 SENW 3054 development well at its Galactica helium project in Las Animas County, Colorado has been successfully drilled to TD. Lorna Blaisse, Chief Executive Officer, Commented: 'It was a pleasure to be onsite with the Blue Star team for the start of this development drilling campaign. To have encountered free gas in the Upper Lyons Sandstone Formation of Jackson-31 is a very positive start indeed and we look forward to the well test results and completion as we advance towards helium production.' CEOs Lorna Blaisse (HE1) and Trent Spry (BNL) on site at Jackson-31 Jackson-31 Well Drilling and Initial Flow Test Results The well encountered the Lyons Formation at a depth of 1,153 ft (351m) MD and was completed 57 feet (17m) into the Upper Lyons Sandstone Formation at 1,210 ft (368m) MD. No water was encountered whilst drilling the Upper Lyons Formation, as confirmed by wireline logs. Based on offset wells (JXSN-3 and Denton-B1), it is expected that the entire Upper Lyons Sandstone Formation will be gas saturated as will a significant portion of the Lower Lyons Sandstone Formation, suggesting more than 100ft of gas column above the expected gas-water contact. This well targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation and this appears to be well connected to the entire gas column. Petrophysics from offset wellsJXSN-1,-2,-3,-4 and Sate-16 indicate average porosity ranges 22-26% (Upper and Lower Lyons) and modelled permeabilities 300-750mD. The Jackson-31 well flowed naturally during drilling and at TD, which has demonstrated strong reservoir communication. The well head installation is being completed ahead of surface pressure readings and flow testing. Gas samples have been acquired and have been sent for laboratory analyses and measurement of helium and CO2 concentrations. It is anticipated that, upon successful open hole testing at Jackson-31, the well will be completed, ready to be tied-in to production facilities. The rig is now being mobilised to the Jackson-4 L4 3154 well location. Galactica/Pegasus Development The Galactica project forms part of the broader Galactica/Pegasus development, discovered by Blue Star in 2022. This large-scale project offers multiple potential product streams. Four existing discoveries at Galactica/Pegasus (JXSN-1 to JXSN-4) have delivered gas flows of 125 to 412 thousand cubic feet per day ('Mcfd') to 412 Mcfd with high helium concentrations of between 2.0% and 6.1% Blue Star further appraised the discovery with the State-16 well which was drilled in June 2024. Independent engineering consultants advised that State-16 is capable of producing up to 441 Mcfd with more stabilised rates constrained for production optimisation, projected to be between 250 Mcfd and 350 Mcfd. The well tested 1.9% helium and logs identified 96+ feet of gas column in the Lyons Sandstone Formation. The third-party owned Red Rocks helium project adjoins Blue Star's Galactica Project (see map below). Development of Red Rocks further supports the commercialisation of the Galactica Project. Blue Star has been advancing engineering work on Galactica related to CO2 removal, purification and sale prior to helium processing via the IACX helium recovery unit. Engineering and market analysis continues to optimize development configurations, production forecasts, and cost estimates. Notes to Editors Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market. The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis. The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin covering 1,664km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024. Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence application with the Mining Commission of the Tanzanian Government. The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL). Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit
Yahoo
03-03-2025
- Business
- Yahoo
Helium One Global Ltd Announces Jackson-31 Well Drilled to TD & Free Gas Confirmed
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Jackson-31 Well Drilled to TD and Free Gas Confirmed LONDON, UNITED KINGDOM / / March 3, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX: BNL, OTC:BSNLF) ("Blue Star") announcement issued today regarding the Galactica Project. Summary Jackson-31 well successfully drilled to total depth ("TD") of 1,210ft (368.8m) measured depth ("MD") with free gas confirmed by wireline logs Well flowed naturally during drilling and at TD, demonstrating strong reservoir communication The well encountered 57ft (17m) gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated Upper Lyons Sandstone Formation Samples sent to laboratory for analyses of helium and CO2 concentrations Well head configuration being finalised ahead of surface pressure readings and rig-less flow testing Rig now being mobilised to the Jackson-4 well location Blue Star is pleased to announce that the Jackson-31 SENW 3054 development well at its Galactica helium project in Las Animas County, Colorado has been successfully drilled to TD. Lorna Blaisse, Chief Executive Officer, Commented: "It was a pleasure to be onsite with the Blue Star team for the start of this development drilling campaign. To have encountered free gas in the Upper Lyons Sandstone Formation of Jackson-31 is a very positive start indeed and we look forward to the well test results and completion as we advance towards helium production." CEOs Lorna Blaisse (HE1) and Trent Spry (BNL) on site at Jackson-31 Jackson-31 Well Drilling and Initial Flow Test Results The well encountered the Lyons Formation at a depth of 1,153 ft (351m) MD and was completed 57 feet (17m) into the Upper Lyons Sandstone Formation at 1,210 ft (368m) MD. No water was encountered whilst drilling the Upper Lyons Formation, as confirmed by wireline logs. Based on offset wells (JXSN-3 and Denton-B1), it is expected that the entire Upper Lyons Sandstone Formation will be gas saturated as will a significant portion of the Lower Lyons Sandstone Formation, suggesting more than 100ft of gas column above the expected gas-water contact. This well targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation and this appears to be well connected to the entire gas column. Petrophysics from offset wellsJXSN-1,-2,-3,-4 and Sate-16 indicate average porosity ranges 22-26% (Upper and Lower Lyons) and modelled permeabilities 300-750mD. The Jackson-31 well flowed naturally during drilling and at TD, which has demonstrated strong reservoir communication. The well head installation is being completed ahead of surface pressure readings and flow testing. Gas samples have been acquired and have been sent for laboratory analyses and measurement of helium and CO2 concentrations. It is anticipated that, upon successful open hole testing at Jackson-31, the well will be completed, ready to be tied-in to production facilities. The rig is now being mobilised to the Jackson-4 L4 3154 well location. Galactica/Pegasus Development The Galactica project forms part of the broader Galactica/Pegasus development, discovered by Blue Star in 2022. This large-scale project offers multiple potential product streams. Four existing discoveries at Galactica/Pegasus (JXSN-1 to JXSN-4) have delivered gas flows of 125 to 412 thousand cubic feet per day ("Mcfd") to 412 Mcfd with high helium concentrations of between 2.0% and 6.1% Blue Star further appraised the discovery with the State-16 well which was drilled in June 2024. Independent engineering consultants advised that State-16 is capable of producing up to 441 Mcfd with more stabilised rates constrained for production optimisation, projected to be between 250 Mcfd and 350 Mcfd. The well tested 1.9% helium and logs identified 96+ feet of gas column in the Lyons Sandstone Formation. The third-party owned Red Rocks helium project adjoins Blue Star's Galactica Project (see map below). Development of Red Rocks further supports the commercialisation of the Galactica Project. Blue Star has been advancing engineering work on Galactica related to CO2 removal, purification and sale prior to helium processing via the IACX helium recovery unit. Engineering and market analysis continues to optimize development configurations, production forecasts, and cost estimates. For further information please visit the Company's website: Contact Helium One Global LtdLorna Blaisse, CEOGraham Jacobs, Finance and Commercial Director +44 20 7920 3150 Panmure LiberumLimited (Nominated Adviser and Joint Broker)Scott MathiesonNikhil Varghese +44 20 3100 2000 Zeus Capital Limited (Joint Broker)Simon JohnsonLouisa Waddell +44 20 3829 5000 Tavistock(Financial PR)Nick ElwesTara Vivian-Neal +44 20 7920 3150 Notes to Editors Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market. The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis. The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin covering 1,664km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024. Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence application with the Mining Commission of the Tanzanian Government. The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL). Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Helium One Global Ltd View the original press release on ACCESS Newswire
