LONDON: Helium One Global (AIM: HE1), a primary helium explorer with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, has provided an update following partner Blue Star Helium’s (ASX: BNL) latest announcement.
The Jackson-2 well, part of the Galactica Project, was successfully drilled to a total depth of 1,232 feet (375 meters), with wireline logs confirming free gas. The well flowed naturally during drilling and at total depth, indicating strong reservoir communication.
Initial results show 73 feet (22 meters) of high-quality, gas-saturated sands in the Upper Lyons Sandstone Formation, with porosity estimates between 22% and 26% based on nearby wells. Samples have been sent for laboratory analysis to determine helium and carbon dioxide concentrations.
“This has been a very successful development campaign to date,” said Lorna Blaisse, CEO of Helium One. “Jackson-2 is the fifth well drilled, and with consistent flow rates and helium concentrations, we will proceed with the sixth and final well at State-9.”
Blue Star is evaluating the next phase, which includes processing facilities and well tie-ins.
The Jackson-2 well encountered no water, and wireline logs confirmed gas saturation across the targeted sandstone layer. Early gas samples, though requiring air correction due to drilling contamination, will undergo further testing.
Once testing is complete, the well will be prepared for production. The drilling rig will next move to the State-9 location, the final well in this phase.
The Galactica Project, discovered by Blue Star in 2022, is a joint venture with Helium One, which has committed $450,000 toward the current well. The adjacent Red Rocks helium project, owned by a third party, is expected to support Galactica’s commercialization.