Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) told investors it has completed its 2025 development drilling programme at its 50%-owned Galactica-Pegasus project in Colorado.
All six wells delivered positive results, confirming production potential and near-term monetisation prospects.
"This has been a successful development campaign, with consistently good flow rates and helium concentrations within the expected ranges,” chief executive Lorna Blaisse said in a statement.
The State-9 well flowed naturally during drilling and reached over 360 thousand cubic feet per day. Helium concentrations of up to 1.52% were recorded.
Projected stabilised flow rates range from 400 to 500 Mcfd, with a maximum of 600 Mcfd.
The company plans to move to initial production in the fourth quarter, using the Pinon Canyon Plant, to be installed near the Jackson-31 well.
“We appreciate the efforts of Blue Star in driving this operation, and very much look forward to the next steps in bringing these wells online and targeting first production and cash flow in Q4 this year,” Blaisse said.
She added: “We have a clear development plan in place for the construction of the processing facility, the tying in of the wells and the subsequent testing and commissioning to take us through to first production and are excited about the wider field development potential across the Galactica-Pegasus resource."
Looking ahead, the next steps include finalising plant design, civil works, equipment mobilisation, and well tie-ins.
A second phase will aim to expand helium output and monetise CO2 resources. The joint venture is also developing a marketing strategy to secure offtake partners.
Helium One holds a 50% working interest in the Galactica-Pegasus project, alongside partner Blue Star Helium.