The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
LONDON, UNITED KINGDOM / ACCESS Newswire / March 24, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX:BNL)(OTC PINK:BSNLF) ("Blue Star") announcement issued today regarding the Galactica Project.
Summary
Jackson-4 well successfully drilled to total depth ("TD") of 1,260ft (384m) measured depth ("MD") with free gas confirmed by wireline logs
Well flowed naturally during drilling and at TD, demonstrating good reservoir communication
The well encountered 62ft (18.9m) gross pay of high-quality(22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated sands in the Upper Lyons Sandstone Formation
Samples sent to laboratory for analyses of helium and CO2 concentrations
Well head being installed ahead of surface pressure readings and flow testing
Air drilling the Lyons Sandstone Formation (left) and open-hole logging at TD (right)
Jackson-4 Well Drilling and Initial Flow Test Results
The well encountered the Lyons Formation at a depth of 1,198 feet (365m) MD and was completed 62 ft (18.9m) into the Upper Lyons Sandstone Formation at 1,260 ft (384m). Thewell exhibited strong natural flow during drilling and at TD, in line with the recent Jackson-31 well.
Significantly, no water was encountered during drilling of the Lyons Sandstone Formation and wireline logs confirmed this. Based on offset wells, it is likely that the entire Upper Lyons Sandstone Formation as well as a significant portion of the Lower Lyons Sandstone Formation will be gas saturated. This well targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation which is well connected to the entire gas column.
During the natural flow of the well, early gas samples were taken (note, these will be contaminated from air-drilling and will require air-correcting) and are being delivered for laboratory analyses of helium and CO2 concentrations.
The well head installation is being completed ahead of surface pressure readings, flow testing and further gas sampling.
It is anticipated that, upon successful testing at Jackson-4, the well will be completed, ready to be tied-in to production facilities.
The rig will soon be mobilised to the Jackson-29 SWNW 3054 well location where pad construction is underway.
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 2.0% and 6.1%
Blue Star further appraised the discovery with the State-16 well which was drilled in June 2024 and the Jackson-31 well drilled in February 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 1.9% helium and logs identified 96+ feet of gas column in the Lyons Sandstone Formation.
Applying the same methodology, the Jackson-31 well is capable of a maximum rate of 500 Mcfd with more stabilised rates constrained for production optimisation projected to be between 300 and 400 Mcfd.
The third-party owned Red Rocks helium project adjoins Blue Star's Galactica Project. 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$450,000 of this well.
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 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis.
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 5.5% helium continually to surface in Q3 2024.
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 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL).
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
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