Helium One Global Ltd Announces State-16 Well, Galactica Project Update
Rhea-AI Summary
Helium One Global (HLOGF) reports increased helium concentrations at its State-16 development well in the Galactica Project, Colorado, where it holds a 50% working interest. New samples show 2.17% helium concentration, a significant increase from the previously reported 1.65% (non air-corrected average).
The latest samples also revealed 36.26% nitrogen and 61.56% carbon dioxide composition. The well head pressure reached 10 psig during sampling, the highest recorded to date, indicating positive reservoir connectivity. The well is now completed for production facility tie-in.
Additionally, the company maintains its Tanzanian operations, where its flagship Rukwa Project recently demonstrated success with the Itumbula West-1 discovery, flowing 5.5% helium continuously to surface in Q3 2024. The company has subsequently filed and received approval for a Mining License from the Tanzanian Government.
Positive
- Helium concentration increased to 2.17% from 1.65% at State-16 well
- Highest recorded well head pressure of 10 psig indicates good reservoir connectivity
- Well completed and ready for production facility tie-in
- Successful Tanzanian operations with 5.5% helium flow at Itumbula West-1
- Mining License approved by Tanzanian Government
Negative
- None.
News Market Reaction
On the day this news was published, HLOGF declined 14.29%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESS Newswire / March 6, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a
Summary
New samples from the State-16 well show a helium concentration of
2.17% , representing a material increase from the previously reported non air-corrected average of1.65% The new samples also show
36.26% nitrogen and61.56% carbon dioxideThe well head pressure was recorded at 10 psig during sampling, the highest observed at the well to date, indicating encouraging reservoir connectivity
Gas samples obtained from Jackson-31 still being analysed
Details
The Company is pleased to announce a significant increase in helium concentrations measured at the State-16 development well at the Galactica Project in Las Animas County, Colorado.
The State-16 well, which is part of the Galactica Project, was drilled in May 2024. During the current drilling campaign, Blue Star have taken the opportunity to re-sample gas from the well and have had the samples analysed by Gas Analysis Service.
Blue Star previously reported lab analysis of representative reservoir samples taken during flow testing which contained an average helium percentage of
The latest samples, taken from the well head, demonstrate a significant rise in helium concentration to
The recorded well head pressure of 10 psig is a positive indicator of reservoir connectivity and long-term flow potential.
The well is currently completed for tie-in to production facilities.
Gas samples from the recent Jackson-31 well are still being analysed.
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 LiberumLimited (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 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 ("ML") application with the Mining Commission ("MC") of the Tanzanian Government and the MC have now offered the Company an ML consistent with the ML application.
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 new helium concentration reported at HLOGF's State-16 well in March 2025?
What are the current gas composition percentages at HLOGF's State-16 well?
What is the current well head pressure at HLOGF's State-16 well and what does it indicate?
What is the status of HLOGF's Itumbula West-1 well in Tanzania as of Q3 2024?
What is HLOGF's ownership stake in the Galactica-Pegasus helium project?
