Helium One Global Ltd Announces Jackson-31 Drilling Update Galactica Project
Rhea-AI Summary
Helium One Global (AIM:HE1, OTCQB:HLOGF) provided an update on its Galactica-Pegasus helium project in Colorado, where it holds a 50% working interest. Due to winter conditions, the company's operator Blue Star Helium is gravelling roads to Jackson-31 and Jackson-4 well locations to ensure continued access during cold weather. The rig mobilization has been delayed to the week of February 10th due to anticipated snow conditions.
The drilling campaign will begin with Jackson-31 SENW 3054, followed by Jackson-4 L4 3154, with three additional approved wells pending sequence confirmation. Work continues on the Pinon Canyon processing plant, targeting first gas production in 1H 2025.
The company also maintains 100% equity in its Tanzanian projects, including the flagship Rukwa Project, where the Itumbula West-1 well successfully flowed 5.5% helium to surface in Q3 2024, leading to a Mining Licence application.
Positive
- Successful helium flow of 5.5% from Itumbula West-1 well in Tanzania
- Mining License application filed with Tanzanian Government
- First gas production expected in 1H 2025 from Colorado project
- Five total approved wells in Colorado drilling campaign
Negative
- Weather-related delays in Colorado drilling operations
- Rig mobilization postponed to February 10th due to winter conditions
News Market Reaction – HLOGF
On the day this news was published, HLOGF gained 18.18%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESS Newswire / January 29, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a
Summary
Roads to Jackson-31 and Jackson-4 wells being gravelled to facilitate winter access
Rig mobilization to commence early-February due to weather conditions
Blue Star announced that winter conditions in Colorado have presented ongoing challenges. To ensure continued access to the well sites during cold, snow, and thaw periods, Blue Star has made the decision to gravel the roads leading to the Jackson-31 and Jackson-4 well locations. Road gravelling operations are progressing well despite recent severe winter weather impacting much of the USA.
To avoid anticipated snow and challenging weather conditions in the coming weeks, Blue Star have decided to delay the mobilization of the drilling rig to location. The rig move is now targeted for the week beginning 10 February.
The initial well in the drilling campaign remains the Jackson-31 SENW 3054, followed by the Jackson-4 L4 3154. The campaign includes three additional approved wells, with the final drilling sequence to be confirmed after the completion of Jackson-4.
Work is continuing on the permitting and engineering for the Pinon Canyon processing plant in anticipation of first gas production in 1H 2025.
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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 |
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Panmure LiberumLimited (Nominated Adviser and Joint Broker) Scott Mathieson Nikhil Varghese | +44 20 3100 2000 |
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Zeus Capital Limited (Joint Broker) Simon Johnson Louisa Waddell | +44 20 3829 5000 |
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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
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
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
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
When will Helium One (HLOGF) begin drilling operations at Jackson-31 well in Colorado?
What is the helium flow rate achieved at Helium One's Itumbula West-1 well in Tanzania?
When is Helium One (HLOGF) expecting first gas production from its Colorado Galactica Project?
How many wells are approved for drilling in Helium One's Colorado Galactica Project?
What is Helium One's (HLOGF) ownership stake in the Galactica-Pegasus project?
