Helium One Global (AIM: HE1) has provided an update on its Galactica-Pegasus helium development project in Colorado, in which it holds a 50% working interest.
Operator Blue Star Helium has confirmed that the Pinon Canyon Plant has reached a significant commercial milestone, with refined helium now being loaded into a tube trailer for sale under established spot-market arrangements. First gas was achieved in December.
Today’s announcement wasn’t the most groundbreaking update, but it’s solid progress that should justify the recent tick higher in the share price.
The amine unit, which strips CO₂ from the inlet gas stream to produce a helium-enriched feed, is now fully operational. That enriched stream is being processed through the helium recovery unit before being pumped into the tube trailer. The operational team is continuing to fine-tune plant settings, pressures and flow rates to maximise recovery efficiency as production ramps up.
On the well side, State-9, State-16, Jackson-31 and Jackson-29 are all tied in and producing. Jackson-4 is temporarily offline for a compressor change-out, while Jackson-2 has been connected to the gathering system and is awaiting compression before being brought on stream. The tie-in of Jackson-27 is scheduled to coincide with CO₂ sales.