(Alliance News) - Helium One Global Ltd on Friday reported flow testing results and gas sampling analysis from its Galactica project.
The Tanzania-focused helium explorer also has a 50% working interest in the Galactica-Pegasus helium development project in Colorado, US. It completed a farm-in into the project, which is owned and operated by Blue Star Helium Ltd, in November.
Helium One said the Jackson-31 SENW 3054 development well, at the Galactica project, flowed naturally during drilling and at its total depth of 1,210 feet.
"Strong pressure build-up post-testing indicates high permeability and good reservoir communication," the company said.
It also said that since drilling operations were completed, natural flow rates have increased to around 250,000 cubic feet per day or Mcfd of total gas.
"Potential initial stabilised flow rates constrained for production optimisation of 300-400 Mcfd, with a maximum potential rate of 500 Mcfd projected," Helium One added.
The company further said that early gas samples have returned a helium concentration up to 2.2% with air corrected, and up to 1.9% not air corrected.
It expects this to represent around 2.3% to 2.5% helium in the reservoir, and said that the remaining raw gas components are approximately 69% carbon dioxide and 29% nitrogen.
Shares in Helium One traded 2.3% higher at 1.06 pence early on Friday afternoon in London.
By Emma Curzon, Alliance News reporter
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