Helium One plans to acquire a 50% interest in Blue Star Helium's Galactica-Pegasus project in Colorado, USA, and associated leases, expanding its helium exploration portfolio. The acquisition includes wells with up to 6% helium concentration and surrounding acreage which has CO2 potential. To fund the acquisition, Helium One raised £6.43mm (~US$8.5mm) through a 590mm share placement at GBp1.09/sh (37% discount to the previous closing price). This raises the company's total issued shares to ~5.9bn. The initial development phase, planned for late 2024 and includes drilling six wells, with production expected by mid-2025. Concurrently, Helium One completed the first phase of the extended well test on the Karoo Group interval at Itumbula West-1 in Tanzania, with the well flowing up to 7.6% helium, with a fluid flow rate of 786bbl/d. The helium gas was within a solution, making it more difficult to commercially extract versus free gas and the company believes that the contained gas will be a pure helium/nitrogen mix. The company is now in the process of undertaking the second EWT in the Basement interval.
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