Helium One Global has announced progress at its Galactica-Pegasus helium development project in Colorado, USA, where it holds a 50% working interest alongside operator Blue Star Helium.
In a brief announcement, Helium One outlined that construction work has begun on site access and well pad preparation at the Jackson #31 location, with similar work planned for Jackson #04 upon completion.
The company expects drilling operations to commence in January, starting with Jackson #31 followed by Jackson #04, with three additional approved wells scheduled for the campaign.
Shares rose on the news but failed to break through the 1p mark. Helium One has struggled to find any support above 1p since announcing the diversification of its portfolio into the US, with sellers stepping in each time shares approach the key level.
Helium One Global was primarily focused on Tanzania, where it holds significant prospecting licences across two project areas. The company’s flagship Rukwa Project, spanning 1,664km² in southwest Tanzania, has demonstrated promising results following its 2023/24 exploration drilling campaign, but investors have heard little since.