Helium One Global Ltd Announces Jackson-29 Spud at Galactica Project
Rhea-AI Summary
Helium One Global (HLOGF) announces the spudding of Jackson-29 development well at its Galactica helium project in Las Animas County, Colorado, where it holds a 50% working interest. The well targets the Lyons Sandstone Formation and will undergo wireline logging followed by flow and pressure readings.
The Galactica/Pegasus development, discovered by Blue Star in 2022, has shown promising results with four existing discoveries delivering gas flows of 125-412 Mcfd with helium concentrations of 2.0-6.1%. Recent wells include State-16 (capable of producing up to 441 Mcfd with 1.9% helium), Jackson-31 (natural flow rate of ~250 Mcfd), and Jackson-4 (results pending).
Under the farm-in agreement, Helium One will fund the first US$450,000 of the Jackson-29 well. The project benefits from proximity to the third-party owned Red Rocks helium project and ongoing engineering work for CO2 removal and helium processing.
Positive
- High helium concentrations of 2.0-6.1% across existing discoveries
- Strong gas flow rates of 125-412 Mcfd from previous wells
- State-16 well capable of producing up to 441 Mcfd
- Jackson-31 showing promising natural flow rate of 250 Mcfd
Negative
- Company must fund initial US$450,000 of Jackson-29 well development
- Production rates for new Jackson-29 well still uncertain
News Market Reaction
On the day this news was published, HLOGF gained 8.53%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, GB / ACCESS Newswire / March 31, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a
Highlights
Jackson-29 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-29 SWNW 3054 development well at its Galactica helium project in Las Animas County, Colorado.
The shallow conductor section 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 Target 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-29 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. 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
Blue Star further appraised the discovery of the State-16 well which was drilled in June 2024, as well as the Jackson-31 well (February 2025) and Jackson-4 well (March 2025).
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
The Jackson-31 well has shown a natural flow rate of approximately 250 Mcfd which compares favourably to the State-16 well which showed a sustained natural flow rate of 150 Mcfd. Results are still pending on the Jackson-4 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.
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.
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
For further information please visit the Company's website: www.helium-one.com
Contact
Helium One Global Ltd | +44 20 7920 3150 |
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Panmure Liberum Limited (Nominated Adviser and Joint Broker) | +44 20 3100 2000 |
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Zeus Capital Limited (Joint Broker) | +44 20 3829 5000 |
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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 are the expected production rates for Jackson-29 well at HLOGF's Galactica Project?
How much is HLOGF investing in the Jackson-29 well development?
What are the helium concentration levels in HLOGF's Galactica-Pegasus project?
What is the production capacity of the State-16 well in HLOGF's Galactica Project?
