Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) has confirmed the presence of free gas at its State-9 well, part of the Galactica project in Colorado.
The well was drilled to a total depth of 1,225 feet and encountered 60 feet of gas-saturated sands within the Upper Lyons Sandstone Formation, according to wireline log data. The company reported that the well flowed gas naturally both during drilling and at total depth, with no water encountered throughout the process.
Gas samples from the State-9 well are now undergoing analysis to determine helium and CO₂ concentrations.
Highlights
§ State-9 well successfully drilled to total depth (“TD”) of 1,225ft (373m) measured depth (“MD”) with free gas confirmed by wireline logs
§ Well flowed naturally during drilling and at TD, demonstrating good reservoir communication
§ The well encountered 60ft (18m) gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated sands in the Upper Lyons Sandstone Formation
§ Samples sent to laboratory for analyses of helium and CO2 concentrations
§ Well head being installed ahead of surface pressure readings and flow testing
In parallel, the wellhead is being installed in preparation for pressure measurements and flow testing. Helium One holds a 50% interest in the Galactica project and, under the terms of its farm-in agreement, is funding the first $450,000 of drilling costs.
