Exciting Discoveries at First Helium's Worsley Project
Today, First Helium Inc. (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) has unveiled significant developments at its Worsley Project, showcasing a promising shallow heavy oil discovery and a helium enriched natural gas play. Both discoveries signal a substantial opportunity for growth and development in the oil and gas sector, enhancing First Helium’s portfolio.
Shallow Heavy Oil Discovery
The newly completed 7-30 well has shown remarkable results, recovering approximately 50 barrels of 15-degree API oil within just two days of acid stimulation. This outcome indicates the effectiveness of vertical wells in cold flow heavy oil extraction. Additionally, the 7-15 well has also revealed small quantities of heavy oil from the same formation, further supporting the potential of this resource.
First Helium has identified a persistent "Heavy Oil Zone" across its vast Worsley land base, which covers around 53,000 acres. The company plans to develop this shallow heavy oil play in a systematic manner, utilizing proven drilling technologies. The discoveries provide a strong foundation for what could become a large-scale and sustainable oil production operation.
Significant Potential in the Heavy Oil Zone
The analysis suggests an estimated 5 million barrels of original oil per square mile, raising excitement about the project’s possibilities. Focusing on efficiency, First Helium aims to implement modern horizontal drilling techniques which can enhance oil recovery and minimize risks associated with oil extraction. Management’s insights predict attractive returns and favorable payback periods from this emerging play, creating an appealing scenario for investors.
Helium Enriched Natural Gas Play
In addition to the heavy oil discovery, First Helium also successfully tested natural gas with a notable helium content of 1.0% from the Blue Ridge Formation during drilling of the 7-15 well. This finding further substantiates the extension of the helium enriched natural gas play into the eastern part of their Worsley property, aligning with the initial regional concept established on their West Worsley lands.
Infrastructure Advantages for Expansion
The company has a well-established pipeline network that enhances its capabilities for development across Worsley. With preliminary analyses indicating a consistently increasing helium content from west to east, the extension of the Blue Ridge formation into new areas spells significant growth potential for First Helium.
Future Development Plans
As part of First Helium's ongoing strategy, the focus remains on advancing its development plans for both the shallow heavy oil and Blue Ridge helium projects. Current initiatives include the completion of the 5-27 horizontal well and drilling a corresponding development plan that engages potential project partners. The company is preparing for these activities, aiming to kickstart the next phase of operations in the near future.
Diverse Portfolio of Opportunities
First Helium's diverse exploration strategy covers multiple zones, balancing risk and potential return. Even as its Leduc Formation targets face challenges, the valuable geological data gained will inform future projects. This well-rounded approach promotes both immediate and sustainable long-term growth across the company's considerable land assets.
About First Helium
First Helium Inc. is led by an experienced team with vast expertise in oil and gas exploration, committed to emerging as a principal helium supplier in North America. The company has achieved noteworthy successes in its helium and oil exploration ventures within the Worsley Trend and is poised for continued growth.
The robustness of its operations, backed by strong cash flows from existing wells, enables First Helium to explore and capitalize on further drilling locations, establishing its leadership in the market. Anyone interested in learning more about First Helium can reach out to their investor relations at ir@firsthelium.com or by calling 1-833-HELIUM1 (1-833-435-4861).
Frequently Asked Questions
What discoveries has First Helium announced recently?
First Helium has announced a shallow heavy oil discovery and a helium enriched natural gas play at its Worsley Project.
What is the significance of the findings from the 7-30 well?
The 7-30 well recovered approximately 50 barrels of oil and demonstrated vertical well, cold flow heavy oil capability.
How does the helium play enhance First Helium's prospects?
The helium play has shown promising results, with helium content confirmed at 1.0%, indicating potential for significant growth.
What is the company's strategy moving forward with these discoveries?
First Helium plans to develop both the heavy oil and helium projects, utilizing modern drilling methods and forming partnerships for expansion.
Who can investors contact for more information about First Helium?
Investors can reach out to First Helium's investor relations via email at ir@firsthelium.com or by calling 1-833-HELIUM1 (1-833-435-4861).
