Helium One Global Ltd: Drilling Begins at Galactica Helium Project
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF), a helium exploration and production company, has announced the commencement of drilling activities at the Jackson-27 development well in the Galactica helium project, located in Colorado, USA. The well is being drilled to target the Upper Lyons Formation gas reservoir.
Background on Helium One Global Ltd and the Galactica Helium Project
Helium One Global Ltd is a London-based company that focuses on the exploration and production of helium. Helium is an essential component in various industrial applications such as MRI scanners, welding, and semiconductor manufacturing. The Galactica helium project is a significant part of Helium One’s portfolio, with an estimated potential resource base of over 4 billion cubic feet of helium.
The Jackson-27 Development Well and the Upper Lyons Formation
The Jackson-27 development well is the first well to be drilled at the Galactica helium project. The well is being drilled using the Company’s drilling rig, the ‘Jackrabbit.’ The Upper Lyons Formation is a known helium-bearing reservoir in the Raton Basin, where the Galactica project is located. Helium One believes that the Upper Lyons Formation could contain significant quantities of helium, making it an attractive target for exploration and development.
Impact on Helium One Global Ltd
The successful drilling of the Jackson-27 development well could have a positive impact on Helium One Global Ltd. A successful well would provide the Company with valuable data on the reservoir’s size, pressure, temperature, and helium content. This information could be used to inform future drilling decisions, potentially leading to the discovery of larger helium reserves and increased production.
Impact on the World
The global helium market is expected to grow significantly in the coming years, driven by increasing demand from industries such as healthcare, technology, and energy. Helium is an essential component in MRI scanners, which are used extensively in healthcare. The semiconductor industry also relies heavily on helium for manufacturing processes. As a result, the discovery of new helium reserves and the expansion of production capacity could help meet the growing demand for this critical resource.
Conclusion
Helium One Global Ltd’s announcement of the spudding of the Jackson-27 development well at the Galactica helium project is an exciting development for the Company and the helium industry as a whole. The successful drilling of this well could lead to the discovery of significant helium reserves, providing valuable data for future drilling decisions and potentially contributing to the global supply of this critical resource. With the growing demand for helium in various industries, the impact of this discovery could be far-reaching and beneficial for both Helium One Global Ltd and the world.
- Helium One Global Ltd has commenced drilling activities at the Jackson-27 development well at the Galactica helium project in Colorado.
- The well is being drilled to target the Upper Lyons Formation, a known helium-bearing reservoir.
- Successful drilling could provide valuable data for future drilling decisions and potentially lead to the discovery of significant helium reserves.
- The global helium market is expected to grow significantly, driven by increasing demand from industries such as healthcare, technology, and energy.
- The discovery of new helium reserves and the expansion of production capacity could help meet the growing demand for this critical resource.
