REG - Helium One Global Ld - Development Drilling Update Galactica Project

Helium One GlobalAnnouncement

13/12/2024 07:00

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RNS Number : 9367P  Helium One Global Ltd  13 December 2024

13 December 2024

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Development Drilling Update Galactica Project

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, is pleased to provide the following updates and acknowledges
the announcement released today by Blue Star Helium (ASX: BNL) ("Blue Star" or
the "Operator") regarding the Galactica-Pegasus project in Las Animas County,
Colorado, USA (the "Galactica Project").

 

Highlights

·    Weather-induced ground conditions do not currently permit
construction of well sites and access roads at Galactica locations

·    Blue Star and its construction partners stand ready for mobilisation
as soon as conditions permit

·    The Operator has decided to reschedule the start of drilling into
mid-January to avoid standby costs over the Christmas period

·    The delay to the start of drilling is not expected to affect the
overall project development timeline or targeted production commencement,
which remains H1 2025

·    Work is advancing on the engineering related to CO(2) removal,
purification and sale prior to helium processing via the IACX helium recovery
unit

 

Details

Site works for the Stage 1 development drilling have been delayed by adverse
weather conditions, with the ground currently water saturated and not suitable
for construction. Blue Star is monitoring snow melt and ground saturation
conditions closely with its landowner and construction partners. All services
stand ready to mobilise as soon as conditions permit. Without further snow or
precipitation, construction could start prior to year-end.

Blue Star has decided not to mobilise the rig and drilling equipment to site
prior to the Christmas break to avoid unnecessary standby costs over that
period. Drilling is now expected to start, subject to weather, in mid-January
2025.

The change in timing for drilling of the initial development wells at
Galactica is not expected to affect the overall timeline of the project, with
production commencement still forecast in H1 2025.

In parallel, Blue Star has been advancing engineering work on Galactica
related to CO(2) removal, purification and sale prior to helium processing via
the IACX helium recovery unit. Blue Star has also now selected its preferred
power generation solution for the project.

 

For further information please visit the Company's website: www.helium-one.com
(http://www.helium-one.com)

 

Contact

 Helium One Global Ltd                                         +44 20 7920 3150

 Lorna Blaisse, CEO

 Graham Jacobs, Finance and Commercial Director

 Panmure Liberum Limited (Nominated Adviser and Joint Broker)  +44 20 3100 2000

 Scott Mathieson

 Nikhil Varghese

 Zeus Capital Limited (Joint Broker)                           +44 20 3829 5000

 Simon Johnson

 Louisa Waddell

 Tavistock (Financial PR)                                      +44 20 7920 3150

 Nick Elwes

 Tara Vivian-Neal

 

 

Notes to Editors

Helium One Global, the AIM-listed helium company , holds prospecting licences
across two distinct project areas in Tanzania, 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 1,664km(2) 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
application with the Mining Commission of the Tanzanian Government.

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.

 

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