Helium One Global Ltd Announces Jackson-2 Spud at Galactica Project

Rhea-AI Summary

Helium One Global announces the spudding of the Jackson-2 development well at its Galactica helium project in Las Animas County, Colorado. This marks the fifth well in the Galactica development campaign, where Helium One holds a 50% working interest alongside operator Blue Star Helium.

The well's shallow conductor has been set, and blowout preventers are being installed. The next phase involves drilling through the intermediate hole section, targeting the Lyons Sandstone Formation. Upon reaching Total Depth, the team will conduct wireline logging and collect flow and pressure readings.

Under the farm-in agreement, Helium One will fund the first US $450,000 of this well. The company also maintains its flagship Rukwa Project in Tanzania, where it recently accepted a 480km² Mining License in March 2025, following a successful extended well test that flowed 5.5% helium to surface in Q3 2024.

Positive

• Fifth development well (Jackson-2) spudded at Galactica helium project in Colorado
• Successful extended well test in Tanzania showed 5.5% helium flow in Q3 2024
• Mining License for 480km2 area in Tanzania officially accepted in March 2025
• Company holds 50% working interest in Galactica-Pegasus helium project
• Multiple potential product streams from Galactica/Pegasus development

Negative

• Required to fund first US $450,000 of the new well under farm-in agreement
• Company is still in exploration/development phase without significant revenue

LONDON, UNITED KINGDOM / ACCESS Newswire / April 30, 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 L4 3154 ("Jackson-2") development well spudded at the Galactica helium project

• Currently preparing to drill intermediate hole section

Details

The Company is pleased to announce the spudding of the Jackson-2 development well at its Galactica helium project in Las Animas County, Colorado. This is the fifth well to be drilled in the Galactica development campaign.

The shallow conductor has been set and blowout preventers are being installed and tested, and the next phase will be to drill through the intermediate hole section. After casing at the base of the intermediate section, the well will target the Lyons Sandstone Formation, with Total Depth ("TD") planned within the Upper Lyons Formation gas reservoir.

When TD is reached, wireline logging will then be commenced, followed by flow and pressure readings at the wellhead. This data will be used to estimate the production potential of the well based on the production model.

Jackson-2 is anticipated to be completed and ultimately tied-in to production facilities.

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: www.helium-one.com

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 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@lseg.com or visit www.rns.com.

SOURCE: Helium One Global Ltd

View the original press release on ACCESS Newswire

FAQ

What is the significance of Helium One's Jackson-2 well spud at the Galactica Project in April 2025?

The Jackson-2 well is the fifth development well in the Galactica campaign, targeting the Lyons Sandstone Formation in Colorado. It represents a key step in expanding HLOGF's helium production capacity, with the well planned for completion and integration into production facilities.

How much is Helium One (HLOGF) investing in the Galactica Project Colorado well?

Under the farm-in agreement with Blue Star Helium, Helium One will fund the first US $450,000 of the Jackson-2 well development at the Galactica Project in Las Animas County, Colorado.

What is Helium One's ownership stake in the Galactica-Pegasus helium project?

Helium One Global holds a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, with Blue Star Helium (ASX:BNL) as the operator.

What recent milestones has Helium One (HLOGF) achieved in Tanzania?

In Q3 2024, Helium One successfully flowed 5.5% helium continuously to surface at Itumbula West-1. The company subsequently received and accepted a 480km² Mining License in March 2025 from the Tanzania Mining Commission.

What are the next steps for HLOGF's Jackson-2 well development?

After setting the shallow conductor and testing blowout preventers, the next steps include drilling the intermediate hole section, casing installation, reaching Total Depth in the Upper Lyons Formation, conducting wireline logging, and collecting flow and pressure readings.