LONDON (ShareCast) - (Sharecast News) - Helium One Global announced encouraging flow test results from the Jackson-27 well at the Galactica project in Colorado on Wednesday, where it holds a 50% working interest.
The AIM-traded firm said the well, drilled in partnership with Blue Star Helium, recorded natural flow rates of over 320 thousand cubic feet per day (Mcfd), with projected stabilised production rates of 350 to 450 Mcfd and a maximum potential rate of 550 Mcfd.

It said the Jackson-27 well reached total depth at 1,183 feet within the Upper Lyons Sandstone Formation, encountering high-quality, gas-saturated sandstone without any water.

Initial gas samples showed helium concentrations of up to 0.41% air-corrected, alongside 98.31% carbon dioxide and 1.27% nitrogen.

The well is located at the far eastern extent of the Galactica project area, with its results seen as critical to understanding the broader reservoir's potential.

It said the flow performance compared favourably with the State-16 well, which demonstrated a natural flow rate of 150 Mcfd and stabilised potential of up to 441 Mcfd.

Independent engineering studies across the Galactica-Pegasus development had estimated well permeabilities ranging from 300 to 750 millidarcies, supporting initial flow rates between 334 and 780 Mcfd under optimised pressure conditions.

The results from Jackson-27 suggested superior reservoir permeability and reinforced the project's commercial potential as part of a multi-stream helium and carbon dioxide development.

Helium One said the findings would inform ongoing development planning and economic modelling across the Galactica-Pegasus field.

At 1135 BST, shares in Helium One Global were down 0.92% at 0.97p.

Reporting by Josh White for Sharecast.com.

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