Helium One Global Ltd Announces Jackson-31 Intermediate Section Drilled
Rhea-AI Summary
Helium One Global (HLOGF) reports progress on the Jackson-31 development well at the Galactica-Pegasus helium project in Colorado, where it holds a 50% working interest. The intermediate hole section has been successfully drilled to 1,080 feet and is currently undergoing casing and cementing.
The next steps include conducting a cement bond log (CBL) followed by drilling into the targeted Lyons Sandstone Formation helium reservoir. Upon completion, the well will undergo wireline logging and wellhead installation for flow and pressure readings.
The broader 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 between 2.0-6.1%. The recent State-16 well, drilled in June 2024, demonstrated production capability of up to 441 Mcfd with 1.9% helium content and identified 96+ feet of gas column.
Positive
- Successfully drilled Jackson-31 intermediate section to 1,080 feet
- High helium concentrations (2.0-6.1%) across existing discoveries
- Strong gas flow rates (125-412 Mcfd) from previous wells
- State-16 well capable of producing up to 441 Mcfd
Negative
- None.
News Market Reaction – HLOGF
On the day this news was published, HLOGF declined 3.74%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESS Newswire / February 26, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a
Summary
Jackson-31 intermediate hole section successfully drilled to casing point
Casing and cementing currently in progress
Next steps will be to cement bond log ("CBL") then drill out into the targeted Lyons Sandstone Formation helium reservoir to drilling total depth ("TD")
The Company is pleased to announce that the intermediate hole section of the Jackson-31 SENW 3054 development well has been successfully drilled to 1,080 feet, and casing is now being run.
The photos above show drilling of intermediate hole section
After running casing, a CBL run will be undertaken to confirm good bonding, followed by further drilling into the target Lyons Sandstone Formation to planned TD at the base of the Upper Lyons Sandstone Formation (production hole section).
At TD, the well will be wireline logged after which a well head will be fitted to provide flow and pressure readings.
It is anticipated that, upon successful testing at Jackson-31, the well will be completed and ready to be 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 helium 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 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
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: 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 Liberum Limited (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
What is the current status of Helium One's Jackson-31 development well?
What are the helium concentration levels in the Galactica-Pegasus project (HLOGF)?
What are the gas flow rates achieved at the Galactica-Pegasus helium discoveries?
When was the State-16 well drilled and what were its results?
