Helium One Global Ltd on December 23 announced a drilling update on the Galactica-Pegasus helium development project in Colorado.
The Tanzania-focused helium exploration company noted Blue Star Helium’s release which said works have started on site access and the well pad at Jackson #31, where drilling is expected to start in mid-January, subject to weather. This will be followed by drilling at Jackson #4.
On December 13, Helium said Blue Star was monitoring snow melt and ground saturation conditions closely with its landowner and construction partners.
In November, Helium said pretax loss widened to $8.7 million in the financial year ended June 30, from $3.3 million a year prior.
Pertinently, impairment costs increased sharply to $5.8 million from $597,698. Administrative expenses increased to $2.9 million from $2.8 million.
Looking ahead, Chief Executive Officer Lorna Blaisse said: ‘Our main focus in the year ahead, once we have received the mining licence for which we have applied, will be on advancing the southern Rukwa Helium project towards development. While our recent acquisition in the US is also expected to progress significantly following the commencement of the drilling programme this quarter with wells and production coming on stream in the first-half of financial 2025.’
Helium One shares were 2.8% lower at 0.95 pence each on Friday morning in London.
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