American Marconi Wireless News - Helium One Global Ltd Announces Jackson-31 Intermediate Section Drilled

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 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.

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

Contact

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 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.

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 [email protected] or visit www.rns.com.

SOURCE: Helium One Global Ltd

View the original press release on ACCESS Newswire

J.Williams--AMWN