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Highlights:
Helium One Global Ltd has received approval for a five-well development plan at its Galactica-Pegasus helium project in Colorado from the Colorado Energy and Carbon Management Commission (ECMC).
The approved wells will be integral to the initial gas gathering system for helium production and are located near the proposed plant site.
Drilling is anticipated to commence before the end of 2024, pending final permit approvals, while the company’s Mining License application for its Rukwa helium project in Tanzania remains under review.
Helium One Global Ltd (LSE:HE1) has made significant progress in its helium project located in Colorado, USA, with the Colorado Energy and Carbon Management Commission (ECMC) granting approval for a development plan consisting of five new wells at the Galactica-Pegasus site. This approval marks a pivotal moment for the project, as these wells will be a key component of the initial gas gathering system essential for helium production.
The Galactica-Pegasus project is a collaborative effort between Helium One and Blue Star Helium. To date, well locations have been identified for up to ten helium development wells, showcasing the project’s potential for expansion. Drilling operations are slated to begin before the end of 2024, contingent upon obtaining final permits, which will further advance the company’s production capabilities.
Lorna Blaisse, chief executive of Helium One, expressed optimism regarding the developments, stating that this advancement signifies positive momentum for the Galactica-Pegasus project. Blaisse also highlighted the collaborative efforts with the Blue Star team as crucial for successfully transitioning into the drilling phase.
In addition to the Colorado project, Helium One is concurrently managing its operations in Tanzania, where its Mining License application for the Rukwa helium project is under review by the Tanzanian Mining Commission. The company has also relinquished three prospecting licenses in eastern Rukwa, which were assessed as having limited exploration potential.
These developments demonstrate Helium One Global’s commitment to expanding its helium production capabilities while optimizing its exploration strategy in both the United States and Tanzania. Further updates on operations and progress in both locations are anticipated as the company moves forward with its ambitious projects.
