Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has reported a notable step forward for its helium project in Colorado, where the authorities have now approved a five well development plan.
The Colorado Energy and Carbon Management Commission (ECMC) has approved five new development wells at the Galactica-Pegasus helium project, the company told investors.
Located near the proposed plant site, these wells are expected to form part of the initial gas-gathering system for helium production, it noted.
Galactica-Pegasus is part of Helium On’s partnership with Blue Star Helium, and to date, well locations have been identified for as many as ten helium development wells.
Drilling is slated to start before the end of 2024, pending the final permit approvals.
"This is a positive advancement for the Galactica-Pegasus project and we're very much looking forward to working with the Blue Star team and commencing the drilling phase for this development,” chief executive Lorna Blaisse said in a statement.
“We look forward to providing further updates on this and our operations in Rukwa in due course."
Elsewhere, In Tanzania, Helium One's Mining License application for its Rukwa helium project remains under review by the Tanzanian Mining Commission.
The company noted that it has also relinquished three prospecting licenses in eastern Rukwa that were deemed to have limited exploration potential.