Helium Evolution Files Q2 2024 Financial Results
Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian helium exploration firm, has announced the filing of its interim condensed financial statements along with the management’s discussion and analysis for the three and six months ending June 30, 2024 (the "Q2 Report").
Financial Highlights for Q2 2024
For complete details, the Q2 Report is accessible on SEDAR+.
Key Highlights for the Three and Six Months Ended June 30, 2024:
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
In the three and six months leading up to June 30, 2024, HEVI has made strides in developing its extensive 5.6 million acres of helium rights. With three recent helium discoveries, the Company is progressing well towards producing and selling helium, which will generate cash flow and provide returns for its shareholders. As of June 30, 2024, HEVI reported a positive working capital position of $4.7 million.
Drilling Program and Discoveries
HEVI is preparing to launch a drilling program that will include stimulation results from the helium discovery well at 9-18-3-8W3 (the "9-18 Well"), where HEVI holds a 20% working interest in partnership with North American Helium Inc. ("NAH"). This new drilling campaign will focus on nine additional wells aimed at boosting 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 a flowing tubing pressure of 690 kPa, with a helium concentration increasing to 0.87%, suggesting promising prospects for helium extraction.
2-31 Well
The 2-31 Well tested at around 4,000 Mscf/d with minimal water production, indicating its strong potential for helium recovery.
9-35 Well
The 9-35 Well flow tested at approximately 7,000 Mscf/d, showing significant commercial viability with a helium concentration of 0.64%.
Future Plans
HEVI and NAH are planning to drill up to nine new wells on their jointly held lands, strategically located within the Mankota helium fairway. The upcoming winter months will be advantageous for drilling activities and further seismic studies on recently acquired lands.
HEVI expresses gratitude for the ongoing support from shareholders and stakeholders, and looks forward to providing future updates on its exploration and development endeavors.
Contact Information
For more information, please reach out to:
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 the three-month period and 493 for the six-month period. The net loss per share remained at 0.00 for both durations.
What is the current cash position of HEVI?
As of June 30, 2024, HEVI has a cash position of 4,766 and a working capital of 4,708.
What are HEVI’s plans for future drilling?
HEVI intends to drill up to nine new wells in the Mankota area, focusing on 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 demonstrate promising helium production rates and low water production, indicating strong commercial potential.
How can I contact Helium Evolution?
You can reach Helium Evolution by emailing info@heliumevolution.ca or through investor relations at heviinfo@5qir.com.
