Helium One continues to reassure as Galactica project advances
Last updated: 03:00 25 Mar 2025 AEDT, First published: 02:52 25 Mar 2025 AEDT
News that Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has flowed gas from the Jackson-4 well, and is now preparing production testing, is described as “another encouraging update” by stockbroker Panmure Liberum.
The well, at the Galactica Pegasus project in Colorado, was drilled down to a total depth of 1,260 feet. It intersected 62 feet of gas-saturated sands with a porosity of 22% to 26% in the Upper Lyons Sandstone and flowed naturally. Gas samples have been collected for helium and CO₂ laboratory analysis.
Wellhead installation is now in progress ahead of further testing, including flow tests.
“This is another encouraging update from HE1H, with the prior wells all flowing helium (He) at rates under test that suggest commercial flow rates of c500mcfd could be achieved,” Panmure Liberum analyst Ashley Kelty said in a note.
“The company are providing frequent updates on progress and investors will be reassured that progress remains on schedule.”
Helium One, meanwhile, also reported that the drill rig will be moved on to the location of the next planned well - Jackson-29 - where the pad is currently under construction.
