Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has updated investors on its progress drilling the Jackson-31 well at the Galactica-Pegasus project, where drilling of the intermediate section is complete.
Drilling to the targeted Lyons Sandstone Formation will soon resume, following casing and cementing.
Once target depth is reached, wireline logging will be carried out and, subject to results, the well will be completed for production.
The company owns a 50% working interest in the Galactica-Pegasus helium development project in Colorado.
It was discovered in 2022. The discoveries have demonstrated gas flows between 125 and 412 thousand cubic feet per day (Mcfd), with helium concentrations ranging from 2.0% to 6.1%.