Panmure Liberum has reaffirmed its 'buy' rating and 3.6p price target on Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF), highlighting strong momentum at the company’s Galactica-Pegasus project in Colorado.
The Jackson-27 development well has reached total depth of 360 metres, with logging confirming free gas in the Upper Lyons Sandstone.
A 60-foot gas-saturated zone has been encountered, and wellhead installation is under way ahead of flow testing. If results are successful, the well will be tied into production infrastructure.
Meanwhile, Jackson-29 has delivered encouraging initial flow rates of 320 thousand cubic feet per day under natural pressure, with projected rates between 350–450 mcfd.
Gas samples indicate helium concentrations of 3.3% and 48.66% carbon dioxide, in line with expectations.
In a further boost, the Galactica-Pegasus joint venture has secured permitting approval to build a helium processing plant at Pinon Canyon, a key step toward mid-2025 first production.
With the drill rig now moving to Jackson-2, Panmure sees the development programme continuing at pace and expects investor attention to remain high as flow test results and further drilling milestones come through.
At 0.94p, the Peel price target speaks to significant upside if Helium One continues to deliver.