Helium One Global Ltd: Drilling Update at Galactica Project
Wednesday, Jan 29, 2025 2:28 am ET
1min read Helium One Global Ltd (AIM: HE1), a leading Tanzanian helium explorer, has announced an update on the drilling campaign at the Galactica-Pegasus project in Las Animas County, Colorado, USA. The company, which holds a 50% working interest in the project, is pleased to report that site works at the Jackson-31 and Jackson-04 helium wells are complete, and all casing has been delivered to site. The drilling contractor is preparing to mobilise the rig to Jackson-31, with spud expected in early January 2025.
The drilling campaign at Jackson-31 and Jackson-04 is expected to commence in early January 2025, with drilling at Jackson-31 followed by Jackson-04. Upon completion of Jackson-31, the rig will move to Jackson-04. This drilling campaign includes three additional approved wells, with the drilling sequence to be confirmed after Jackson-04 is drilled. The company will provide further details on sequencing after the drilling of Jackson-04.
The progress at the Galactica-Pegasus project in Colorado aligns with the company's overall project development timeline and targeted production commencement in H1 2025. The drilling campaign at Jackson-31 and Jackson-04 is on track to meet the targeted production commencement, as stated in the announcement:
"Drilling is now expected to start, subject to weather, in mid-January 2025... The change in timing for drilling of the initial development wells at Galactica is not expected to affect the overall timeline of the project, with production commencement still forecast in H1 2025."
The delay in drilling due to weather conditions at the Galactica-Pegasus project could have potential implications on the project's overall cost structure and financial projections. However, the operator has stated that the delay is not expected to affect the overall timeline of the project, and the company is continuing to advance engineering work on the project. As such, the actual impact on the project's financial projections may be limited, and further updates from the company will be necessary to assess the full extent of any potential implications.
In conclusion, the drilling update at the Galactica-Pegasus project in Colorado demonstrates the company's progress in advancing its projects through different stages, from exploration to appraisal and development. This bodes well for the company's potential to become a strategic player in the helium market and provides investors with an attractive investment opportunity, given its progress in both projects and its potential to become a significant player in the helium market.
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