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(Sharecast News) - Helium One updated the market on the Jackson-31 well at the Galactica helium project in Colorado on Wednesday, where it holds a 50% working interest.
The AIM-traded firm said the intermediate hole section had been successfully drilled to 1,080 feet, with casing and cementing now underway.
Once completed, the company said it would run a cement bond log to confirm casing integrity before drilling into the target Lyons Sandstone Formation to total depth.
Following drilling, the well would undergo wireline logging before a wellhead was installed to assess flow and pressure readings.
If successful, Jackson-31 would be completed and made production-ready for tie-in to processing facilities.
The Galactica project is part of the broader Galactica-Pegasus development, discovered by Blue Star Helium in 2022.
Helium One said the area contained four confirmed helium discoveries, with recorded gas flows of between 125,000 and 412,000 cubic feet per day and helium concentrations ranging from 2.0% to 6.1%.
The State-16 well, drilled last June, was assessed as capable of producing up to 441,000 cubic feet per day, with helium concentrations of 1.9% and a gas column exceeding 96 feet in the Lyons Sandstone Formation.
Adjacent developments, including the Red Rocks helium project, further supported the commercialisation of the Galactica Project, the board said.
Blue Star was progressing engineering work related to carbon dioxide removal, purification, and helium recovery, with ongoing efforts to optimise production forecasts and cost estimates.
At 1421 GMT, shares in Helium One Global were up 1.1% at 0.92p.
Reporting by Josh White for Sharecast.com.
