Helium One Global Ltd’s Successful Drilling of the Jackson-4 Well in Colorado
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF), a helium exploration and production company, has announced the completion of drilling the Jackson-4 well in the Galactica project, located in Colorado, USA. The company reported that natural gas flowed to the surface without the need for stimulation or artificial lifting methods.
Drilling Details
The Jackson-4 well was drilled down to a total depth of 1,260 feet. Helium One Global Ltd used a rotary drilling rig for this operation. The well encountered multiple helium-rich zones, with the primary zone being the Raton Formation. This formation is known for its helium-rich gas reservoirs, and previous wells in the area have shown high helium content.
Significance of the Discovery
This discovery is significant for Helium One Global Ltd as it marks the first successful drilling of a helium well in the company’s portfolio. Helium is a precious and scarce gas, making up less than 0.001% of the Earth’s atmosphere. The global demand for helium is growing due to its use in various industries, including medical, electronics, and welding. The United States is the world’s largest producer of helium, but its reserves are depleting, making it essential to explore new sources.
Impact on Helium One Global Ltd
This successful drilling operation is expected to have a positive impact on Helium One Global Ltd. The company’s share price responded positively to the news, with a significant increase in value. This success validates the company’s exploration strategy and could lead to further investment in the Galactica project. Helium One Global Ltd plans to drill additional wells in the area to assess the potential size and commercial viability of the helium resource.
Impact on the World
The discovery of a new helium source could help alleviate concerns about the depletion of existing helium reserves. Helium is an essential component in many industries, and its scarcity has led to price volatility and potential supply disruptions. This new source could help stabilize the global helium market and provide a more consistent supply of this critical gas.
Conclusion
Helium One Global Ltd’s successful drilling of the Jackson-4 well in Colorado is a significant milestone for the company and the helium industry as a whole. The discovery of a new helium source could help alleviate concerns about the depletion of existing reserves and provide a more stable and consistent supply of this critical gas. Helium One Global Ltd plans to continue exploring the Galactica project and could potentially unlock significant value for shareholders.
- Helium One Global Ltd has successfully drilled the Jackson-4 well in the Galactica project, Colorado.
- Natural gas flowed to the surface without the need for stimulation or artificial lifting methods.
- The well was drilled down to a total depth of 1,260 feet and encountered multiple helium-rich zones.
- This discovery is significant for Helium One Global Ltd as it marks the first successful drilling of a helium well in the company’s portfolio.
- The discovery could help alleviate concerns about the depletion of existing helium reserves and provide a more stable and consistent supply of this critical gas.
- Helium One Global Ltd plans to continue exploring the Galactica project and could potentially unlock significant value for shareholders.
