REG - Helium One Global Ld - Jackson-31 Intermediate Section Drilled

Helium One GlobalAnnouncement

26/02/2025 07:15

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RNS Number : 4448Y  Helium One Global Ltd  26 February 2025

26 February 2025

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Jackson-31 Intermediate Section Drilled

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) ("Blue Star") announcement issued today regarding
the Galactica Project.

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 2.0% and 6.1%

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 1.9% helium and logs identified 96+ feet of gas
column in the Lyons Sandstone Formation.

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 CO(2)
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
(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 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 1,664km(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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