REG - Helium One Global Ld - Jackson-31 Well Drilled to TD & Free Gas Confirmed

Helium One GlobalAnnouncement

03/03/2025 07:15

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RNS Number : 0550Z  Helium One Global Ltd  03 March 2025

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.

 

03 March 2025

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Jackson-31 Well Drilled to TD and Free Gas Confirmed

 

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

Summary

§ Jackson-31 well successfully drilled to total depth ("TD") of 1,210ft
(368.8m) measured depth ("MD") with free gas confirmed by wireline logs

§ Well flowed naturally during drilling and at TD, demonstrating strong
reservoir communication

§ The well encountered 57ft (17m) gross pay of high-quality (22-26% porosity
based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16),
gas-saturated Upper Lyons Sandstone Formation

§ Samples sent to laboratory for analyses of helium and CO(2) concentrations

§ Well head configuration being finalised ahead of surface pressure readings
and rig-less flow testing

§ Rig now being mobilised to the Jackson-4 well location

Blue Star is pleased to announce that the Jackson-31 SENW 3054 development
well at its Galactica helium project in Las Animas County, Colorado has been
successfully drilled to TD.

 

Lorna Blaisse, Chief Executive Officer, Commented:

"It was a pleasure to be onsite with the Blue Star team for the start of this
development drilling campaign. To have encountered free gas in the Upper Lyons
Sandstone Formation of Jackson-31 is a very positive start indeed and we look
forward to the well test results and completion as we advance towards helium
production."

 

CEOs Lorna Blaisse (HE1) and Trent Spry (BNL) on site at Jackson-31

 

Jackson-31 Well Drilling and Initial Flow Test Results

The well encountered the Lyons Formation at a depth of 1,153 ft (351m) MD and
was completed 57 feet (17m) into the Upper Lyons Sandstone Formation at 1,210
ft (368m) MD. No water was encountered whilst drilling the Upper Lyons
Formation, as confirmed by wireline logs. Based on offset wells (JXSN-3 and
Denton-B1), it is expected that the entire Upper Lyons Sandstone Formation
will be gas saturated as will a significant portion of the Lower Lyons
Sandstone Formation, suggesting more than 100ft of gas column above the
expected gas-water contact.

This well targeted the highest quality sandstone at the top of the Upper Lyons
Sandstone Formation and this appears to be well connected to the entire gas
column. Petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16 indicate
average porosity ranges 22-26% (Upper and Lower Lyons) and modelled
permeabilities 300-750mD.

The Jackson-31 well flowed naturally during drilling and at TD, which has
demonstrated strong reservoir communication. The well head installation is
being completed ahead of surface pressure readings and flow testing.

Gas samples have been acquired and have been sent for laboratory analyses and
measurement of helium and CO(2) concentrations.

It is anticipated that, upon successful open hole testing at Jackson-31, the
well will be completed, ready to be tied-in to production facilities.

The rig is now being mobilised to the Jackson-4 L4 3154 well location.

 

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. 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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