Jackson-31 Flow Testing and Gas Sampling Analysis

14 March 2025

Helium One Global Ltd

("Helium One" or "the Company")

Jackson-31 Flow Testing and Gas Sampling Analysis

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA ("the Galactica Project"), provides an update following the Blue Star Helium (ASX: BNL) ("Blue Star") announcement issued today regarding the Galactica Project.

Summary

·    Jackson-31 well flowed naturally during drilling and at total depth ("TD"), demonstrating strong reservoir communication

·    Flow testing measurements since drilling operations were completed have seen increasing natural flow rates to around 250 thousand cubic feet per day ("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

·    Early gas samples have returned a helium concentration up to 2.2% air corrected (up to 1.9% not air corrected), expected to represent around 2.3% to 2.5% helium in reservoir based on State-16 recently equilibrated sample

The Company is pleased to announce the initial flow rate results from the Jackson-31 SENW 3054 development well at its Galactica helium project in Las Animas County, Colorado. 

Well head testing at Jackson-31 well, Galactica Project

Jackson-31 Summary Analysis

The well reached a TD of 1,210 feet (368m) within the Upper Lyons Formation, encountering the Lyons Sandstone at 1,153 feet (351m). As expected, no water was encountered during drilling of the Lyons Sandstone with wireline logs confirming that the penetrated Lyons Sandstone Formation is of high-quality and gas saturated.

Flow testing since reaching TD has revealed increasing natural flow rates, reaching approximately 250 Mcfd of total gas. Strong pressure build-up post-testing indicates high permeability and good reservoir communication. Based on previous engineering analysis, and the observed flow rates, the projected stabilised flow rates constrained for production optimisation are expected to be between 300-400 Mcfd, with a maximum of 500 Mcfd projected.

Initial laboratory analysis of gas samples from Jackson-31 showed a helium concentration up to 2.2% air corrected (1.9% not air corrected). Based on recent equilibrated samples from the State-16 well, which showed a helium concentration of 2.17% (not air corrected), the expected reservoir helium concentration at Jackson-31 could equilibrate to around 2.3% to 2.5%.

Jackson-31 Initial Flow Test Results

The well reached a TD of 1,210 feet (368m), encountering the Lyons Formation at 1,153 feet (351m) and was deliberately completed 57 feet (17m) into the Upper Lyons Sandstone Formation.

The well exhibited natural gas flow during drilling and at TD. Flow testing has continued, with increasing results demonstrating natural flow rates of approximately 250 Mcfd total gas. Strong pressure build-up post-testing confirms high permeability and good reservoir communication. Well testing and sampling will continue throughout the current drilling campaign.

Blue Star previously released results of an independent engineering analysis of wells in the Galactica-Pegasus project and this analysis established maximum stabilised rates and drawdown for development planning and economic modelling.

The analysis integrated results from the State-16 well with test data from the JXSN-1, JXSN-2, JXSN-3, and JXSN-4 discovery wells, and compared to public information from the adjacent Red Rocks development.

The study concluded:

o  Calculated permeabilities in the JXSN discovery wells and State-16 well range from 300 to 750 millidarcies ("mD")

o  This permeability range suggests initial flow rates at 6 psia wellhead pressure of 334 to 780 Mcfd

o  The State-16 well showed a calculated permeability of 405 mD in the Upper Lyons Formation

o  State-16 stabilised initial flow rates constrained for production optimisation would be 250 to 350 Mcfd with a maximum of 441 Mcfd

Development planning includes considering vacuum compression ranging from 11 psia (-1 psig) to 6 psia (-6 psig) wellhead pressure which provides the ranges above.

The Jackson-31 well has shown a natural flow rate of approximately 250 Mcfd which compares favourably to the State-16 well which showed a sustained natural flow rate of 150 Mcfd.

Given the higher natural flow at Jackson-31, due to greater permeability in the high-quality Lyons Sandstone Formation and based on previous independent engineering, projected potential stabilised flow rates are expected to be 300-400 Mcfd with a maximum potential rate of 500 Mcfd.

Jackson-31 Well Gas Sampling Results

Gas samples from the Jackson-31 well have been collected and sent for laboratory analysis to determine helium and carbon dioxide concentrations.

Early gas samples from the Jackson-31 well showed a helium concentration up to 2.2% air corrected (up to 1.9% not air corrected). Based on the recent equilibrated samples from State-16, it is projected that the Jackson-31 well could contain approximately 2.3% to 2.5% helium in the reservoir. On average, from air correction of laboratory analysis results, the remaining raw gas components are around 69% CO₂ and 29% nitrogen.

Further laboratory analysis will be conducted to perform air correction on samples taken during ongoing flow testing.

For further information please visit the Company's website: www.helium-one.com   

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Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.

The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis.

The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin covering 1,664km² in south-west Tanzania.  This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024.

Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence ("ML") application with the Mining Commission ("MC") of the Tanzanian Government and the MC have now offered the Company an ML consistent with the ML application.

The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL).

Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.