Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has reported a significant increase in helium concentration at the State-16 well, part of the Galactica Project in Colorado.
State-16 was drilled in May, and new sample analysis indicates a helium concentration of 2.17%, up from the previously reported measure of 1.65%.
The company also noted that well head pressure was recorded at 10 psig, the highest observed at the well to date, suggesting strong reservoir connectivity and long-term flow potential.
The well is completed for tie-in to production facilities.
Gas samples from the nearby Jackson-31 well remain under analysis.
Helium One holds a 50% working interest in the project.