Helium Evolution Reports Q2 2024 Financial Results
Helium Evolution Announces Filing of Q2 2024 Financial Results
Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company, announces the filing of the Company’s interim condensed financial statements and associated management’s discussion and analysis for the three and six months ended June 30, 2024 (the "Q2 Report").
Q2 2024 Financial Highlights
Complete details of the Q2 Report are available on SEDAR+.
Three and Six Months Ended June 30, 2024 Highlights:
Net Loss: 254 (3 months), 493 (6 months)
Net Loss Per Share: 0.00 (both 3 and 6 months)
Cash Position: 4,766
Working Capital: 4,708
Total Assets: 10,863
Total Liabilities: 374
Weighted Average Shares Outstanding: 96,033,974
Operational Update
During the three and six months ended June 30, 2024, HEVI continued to develop its 5.6 million acres of helium rights. With three recent helium discoveries, HEVI is making significant progress towards producing and selling helium, generating cash flow, and providing returns for shareholders. The Company reported a positive working capital position of $4.7 million at June 30, 2024.
Drilling Program and Discoveries
HEVI is set to execute a drilling program that includes stimulation results from the helium discovery well at 9-18-3-8W3 (the "9-18 Well") where HEVI holds a 20% working interest alongside North American Helium Inc. ("NAH"). A new drilling campaign will target nine additional wells to enhance helium production in the Mankota area.
Helium Discoveries
9-18 Well
The 9-18 Well achieved a last flowing rate of 685 Mscf/d at 690 kPa flowing tubing pressure with a helium concentration increase to 0.87%, indicating better prospects for helium extraction.
2-31 Well
The 2-31 Well tested at approximately 4,000 Mscf/d with negligible water production, highlighting its potential for helium recovery.
9-35 Well
The 9-35 Well flow tested at around 7,000 Mscf/d and demonstrates significant commercial viability with a helium concentration of 0.64%.
Future Plans
HEVI and NAH aim to drill up to nine New Wells on joint lands strategically located in the Mankota helium fairway. The upcoming winter months will facilitate drilling activities and further seismic studies across recently acquired lands.
HEVI appreciates the continued support from shareholders and stakeholders and looks forward to future updates regarding its exploration and development activities.
Contact Information
For further information, please contact:
Greg Robb, President & CEO
Kristi Kunec, CFO
Phone: 1-587-330-2459
Email: info@heliumevolution.ca
Cindy Gray, Investor Relations
Email: heviinfo@5qir.com | Phone: 1-403-705-5076
Frequently Asked Questions
What are the financial results for Q2 2024?
HEVI reported a net loss of 254 for three months and 493 for six months. The net loss per share was 0.00 for both periods.
What is the current cash position of HEVI?
As of June 30, 2024, HEVI reported a cash position of 4,766 and a working capital of 4,708.
What are HEVI’s plans for future drilling?
HEVI plans to drill up to nine New Wells in the Mankota area, targeting enhanced helium production during the winter months.
How successful have HEVI’s helium discoveries been?
HEVI's discoveries at the 9-18 Well, 2-31 Well, and 9-35 Well showcase promising helium production rates and low water production, indicating strong commercial viability.
How can I contact Helium Evolution?
You can contact Helium Evolution via email at info@heliumevolution.ca or through investor relations at heviinfo@5qir.com.
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