First Helium Makes Progress in Leduc Oil Exploration
CALGARY, Alberta – First Helium Inc. (“First Helium” or the “Company”) (NASDAQ: HELI) (OTCQB: FHELF) (FRA: 2MC) has recently received regulatory approval for drilling at its 7-30 location, which has been confirmed to have significant undeveloped reserves. This approval allows the Company to pursue further development in its promising areas.
Strategic Focus on High-Impact Wells
Ed Bereznicki, President & CEO of First Helium, shared the excitement of having the drilling licenses in hand for the 7-30 PUD site. This site has been designated with proved plus probable undeveloped reserves at an impressive 196,700 barrels. The company is diligently working to assemble the necessary drilling and support services to begin operations efficiently.
Further Development Opportunities
First Helium is not only focusing on the immediate drilling activities but is also strategizing the licensing and drilling of a second high-impact anomaly site, the 7-15. Preliminary data indicates that this site is potentially five times larger than a previously successful discovery, heightening anticipation for increased production and financial benefits.
Expanding the Drilling Inventory
With the ongoing activities, the Company has identified an additional 10 Leduc primary drilling locations through detailed analysis of its proprietary 3D seismic data. Each of these locations could open doors to multiple shallower formations, enhancing the overall production potential significantly. Historical data from previous wells indicates a strong correlation between seismic interpretations and producible hydrocarbons.
Collaborative Development Efforts
As First Helium moves forward, it aims to explore strategic partnerships that can augment the development of its asset base, ensuring rapid growth in the Worsley area. The various locations on their 100% owned land could lead to substantial production gains, benefiting shareholders directly.
Financial Insights from Previous Discoveries
Past successes from wells such as 1-30 and 4-29 have been noteworthy. Collectively, these wells produced over 113,000 barrels of light oil, generating more than $13 million in revenue and significantly contributing to robust cash flows for reinvestment in future exploration and drilling efforts.
About First Helium Inc.
First Helium is led by a seasoned executive team boasting extensive backgrounds in Oil & Gas Exploration, Operations, Mining, Finance, and Capital Markets. With over 53,000 acres in the lucrative Worsley Trend, First Helium is strategically positioned to become a leading independent supplier of helium in North America. The Company continues to build on its successful operations including the 15-25 helium discovery well, subsequently identifying numerous potential drilling sites that promise further economic opportunities.
CONTACT INFORMATION
For additional details on the company's initiatives and projects, investors and stakeholders can reach First Helium Inc. at:
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)
Frequently Asked Questions
What recent licensing approval did First Helium receive?
First Helium has received regulatory approval to drill at its 7-30 location, which has significant undeveloped reserves.
What are the targets First Helium is focusing on?
The company is focusing on its 7-30 PUD well and the 7-15 Leduc anomaly site, which has a potential for larger scale production.
How many additional locations has First Helium identified for drilling?
First Helium has identified 10 additional drilling locations based on its proprietary seismic data.
What were the production results from previous wells?
The 1-30 and 4-29 wells collectively produced over 113,000 barrels of light oil and generated significant revenue.
What is the aim of First Helium's strategic partnerships?
The aim is to accelerate development and enhance the growth potential of its extensive asset base in the Worsley area.
