American Marconi Wireless News - Helium One Global Ltd Announces State-16 Well, Galactica Project Update

Summary

• New samples from the State-16 well show a helium concentration of 2.17%, representing a material increase from the previously reported non air-corrected average of 1.65%

• The new samples also show 36.26% nitrogen and 61.56% carbon dioxide

• The well head pressure was recorded at 10 psig during sampling, the highest observed at the well to date, indicating encouraging reservoir connectivity

• Gas samples obtained from Jackson-31 still being analysed

Details

The Company is pleased to announce a significant increase in helium concentrations measured at the State-16 development well at the Galactica Project in Las Animas County, Colorado.

The State-16 well, which is part of the Galactica Project, was drilled in May 2024. During the current drilling campaign, Blue Star have taken the opportunity to re-sample gas from the well and have had the samples analysed by Gas Analysis Service.

Blue Star previously reported lab analysis of representative reservoir samples taken during flow testing which contained an average helium percentage of 1.65%, and up to 1.90% when air-corrected. The reservoir gas compositions were approximately 1.65% helium, 28.05% nitrogen and 70.29% carbon dioxide from the lab analysis and 1.90% helium, 28.54% nitrogen and 69.56% carbon dioxide when air-corrected.

The latest samples, taken from the well head, demonstrate a significant rise in helium concentration to 2.17% (not air-corrected). This increase is attributed to the reservoir's natural equilibration process occurring near the well bore.

The recorded well head pressure of 10 psig is a positive indicator of reservoir connectivity and long-term flow potential.

The well is currently completed for tie-in to production facilities.

Gas samples from the recent Jackson-31 well are still being analysed.

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 ("ML") application with the Mining Commission ("MC") of the Tanzanian Government and the MC have now offered the Company an ML consistent with the ML application.

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 ( 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

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