Jackson-29 Well Drilled to TD & Free Gas Confirmed

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, OTC: BSNLF) ("Blue Star") announcement issued today regarding the Galactica Project.

Summary

§ Jackson-29 well successfully drilled to total depth ("TD") of 1,183ft (360m) measured depth ("MD") with free gas confirmed by wireline logs

§ Well flowed naturally during drilling and at TD, demonstrating good reservoir communication

§ The well encountered 61ft (18.5m) gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated sands in the Upper Lyons Sandstone Formation

§ Samples sent to laboratory for analyses of helium and CO2 concentrations

§ Well head being installed ahead of surface pressure readings and flow testing

Jackson-29 Well Drilling and Initial Flow Test Results

The well encountered the Lyons Formation at a depth of 1,122ft (342m) MD and was completed 61ft (18.5m) into the Upper Lyons Sandstone Formation at 1,183ft (360m). The well exhibited strong natural flow during drilling and at TD, in line with the recent Jackson-31 and Jackson-4 wells.

Significantly, no water was encountered during drilling of the Lyons Sandstone Formation and wireline logs confirmed this. Based on offset wells, it is likely that the entire Upper Lyons Sandstone Formation as well as a significant portion of the Lower Lyons Sandstone Formation will be gas saturated. This well targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation which is well connected to the entire gas column.

It is anticipated that, upon successful testing at Jackson-29, the well will be completed, ready to be tied-in to production facilities.

The rig will soon be mobilised to the Jackson-27 SWSE 3054 (Jackson-27) well location where pad construction is underway.

Galactica/Pegasus Development

The Galactica project forms part of the broader Galactica/Pegasus development, discovered by Blue Star in 2022. This large-scale project offers multiple potential product streams. Four existing discoveries at Galactica/Pegasus (JXSN-1 to JXSN-4) have delivered gas flows of 125 to 412 thousand cubic feet per day ("Mcfd") to 412 Mcfd with high helium concentrations of between 2.0% and 6.1%

Blue Star further appraised the discovery with the State-16 well which was drilled in June 2024 and the Jackson-31 well drilled in February 2025. Independent engineering consultants advised that State-16 is capable of producing up to 441 Mcfd with more stabilised rates constrained for production optimisation, projected to be between 250 Mcfd and 350 Mcfd. The well tested 1.9% helium and logs identified 96+ feet of gas column in the Lyons Sandstone Formation.

Applying the same methodology, the Jackson-31 well is capable of a maximum rate of 500 Mcfd with more stabilised rates constrained for production optimisation projected to be between 300 and 400 Mcfd.

The third-party owned Red Rocks helium project adjoins Blue Star's Galactica Project. Development of Red Rocks further supports the commercialisation of the Galactica Project.

Blue Star is advancing the Galactica project in joint venture with Helium One Global Ltd. Under the farm-in agreement, Helium One will fund the first US$450,000 of this well.