Helium One Global Ltd (LON:HE1H) (AIM:HE1, OTCQB:HLOGF) said drilling at its Galactica-Pegasus development project in Colorado, UU, has been suspended until the New Year due to severe weather conditions.
Blue Star Helium Ltd (ASX:BNL, OTC:BSNLF) the operator, has said ground conditions currently won’t allow construction of well sites or access to roads at Galactica locations.
Assuming the weather allows, Blue Star Operator has rescheduled the start of drilling for mid-January to avoid standby costs over the Christmas period
Helium One, which has a 50% interest in the Galatica project, added it does not expect the delay to the start of drilling to affect the overall project development timeline or targeted production commencement, which remains for the first half of 2025.
Work is advancing on the engineering related to CO2 removal, purification and sale prior to helium processing via the IACX helium recovery unit, Helium One added.