First Helium Begins Drilling Operations on New Oil Wells
CALGARY, Alberta — First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) is excited to announce the commencement of drilling at its promising 7-30 oil location within the Worsley Property in Northern Alberta. This marked the beginning of an important phase in the Company’s operations aimed at enhancing its portfolio of oil and gas assets.
Overview of the Drilling Process
The drilling operation for the 7-30 vertical well has commenced, and following this, the drilling rig is set to move to the 7-15 location, scheduled to start in early February, assuming timely progress. This systematic approach to drilling reflects the Company’s commitment to maintain transparency with stakeholders through regular updates on its field activities.
Statements from Leadership
Ed Bereznicki, President & CEO of First Helium, expressed enthusiasm about the new ventures, stating, "We are thrilled to initiate drilling with the 7-30 light oil development well. Following this, we will drill the high-impact Leduc anomaly at the 7-15 site, which promises significant potential based on seismic data indicating an area five times larger than our past successful oil pool. Positive outcomes from these wells will significantly de-risk our Leduc Play, consolidating our hold on multiple identified primary locations on our proprietary 3D seismic."
Cost Efficiency in Operations
The locations for the two wells are strategically positioned only about six kilometers apart, allowing for efficient transfers of drilling rigs that help keep mobilization costs low. Preparations are underway to ensure that both wells can be completed, equipped, and tied in before the Alberta spring break-up, thereby optimizing the development timeline across the Company’s extensive land holdings.
Financial Impact and Value Creation
There's a considerable financial incentive tied to the success of these wells, as the combined oil production potential is expected to yield immediate cash flow, creating substantial value for shareholders. This aligns with First Helium's broader strategy to leverage oil production to fund and support ongoing exploration pursuits.
Your Insight into First Helium
First Helium is led by a diverse and experienced executive team rich in backgrounds across oil and gas exploration, finance, and capital markets, positioning itself as a key independent provider of helium gas in North America. The Company holds more than 53,000 acres on the highly sought-after Worsley Trend, which remains the focal point for its exploration and development endeavors.
Infrastructure and Future Growth
Following its successful helium discovery well 15-25 and the oil discoveries at 1-30 and 4-29, First Helium identified multiple additional drilling sites and has established a robust infrastructure system. This infrastructure is essential for facilitating future exploration and development throughout its Worsley land base. The cash inflow from successful oil wells has been pivotal in financing the Company’s ongoing endeavors to grow and explore.
Contact Information for Inquiries
For those seeking more information about First Helium, additional details can be found directly on their website. The Company encourages communication through its investor relations team.
Contact Information
First Helium Inc.
Investor Relations
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)
Frequently Asked Questions
What is the purpose of the 7-30 oil well?
The 7-30 oil well is part of First Helium's strategy to develop its oil reserves and enhance cash flow for the Company.
How close are the 7-30 and 7-15 wells to each other?
The 7-30 and 7-15 wells are approximately six kilometers apart, allowing for efficient rig transfers and lowered operational costs.
Who is overseeing the drilling operations?
Ed Bereznicki is the President & CEO of First Helium, and he is actively involved in overseeing drilling operations and strategy.
What potential does the Leduc anomaly hold?
The Leduc anomaly at the 7-15 site shows great promise, potentially being five times larger than previous successful wells.
How can investors learn more about First Helium?
Investors can find more information on First Helium's official website or by reaching out to the investor relations team.
