Helium One Global Ltd Announces Jackson-27 Spud at Galactica Project
Rhea-AI Summary
Helium One Global (HLOGF) announces the spudding of the Jackson-27 development well at its Galactica helium project in Las Animas County, Colorado, where it holds a 50% working interest. The well's shallow conductor has been set, and blowout preventers are being installed before drilling the intermediate hole section. The well will target the Lyons Sandstone Formation, followed by wireline logging and flow/pressure readings.
The Galactica project, discovered by Blue Star Helium in 2022, is part of the broader Galactica/Pegasus development. Under the farm-in agreement, Helium One will fund the first US $450,000 of this well. The project is strategically positioned adjacent to the third-party owned Red Rocks helium project, which supports the Galactica Project's commercialization potential.
Additionally, Helium One recently accepted a 480km² Mining License in Tanzania following their successful Itumbula West-1 discovery, which demonstrated continuous flow of 5.5% helium to surface in Q3 2024.
Positive
- Successful spudding of Jackson-27 development well in Colorado helium project
- Strategic 50% working interest in Galactica-Pegasus helium development
- Recent Mining License acquisition for 480km² in Tanzania
- Proven helium production capability with 5.5% continuous flow at Itumbula West-1
Negative
- Required $450,000 initial well funding commitment
News Market Reaction
On the day this news was published, HLOGF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESS Newswire / April 16, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a
Highlights
Jackson-27 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-27 SESW 3054 development well at its Galactica helium project in Las Animas County, Colorado.
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 conducted, 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-27 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
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 | +44 20 7920 3150 |
|
|
Panmure Liberum Limited (Nominated Adviser and Joint Broker) | +44 20 3100 2000 |
|
|
Zeus Capital Limited (Joint Broker) | +44 20 3829 5000 |
|
|
Tavistock(Financial PR) | +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
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
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
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 the Jackson-27 well spudding for HLOGF shareholders?
What were the results of Helium One's Itumbula West-1 well in Tanzania?
What is the target formation for the Jackson-27 well?
How does the Red Rocks helium project relate to HLOGF's Galactica Project?
