- Helium Evolution (HEVI) announced Tuesday the company has spud, or started drilling the first well at its McCord property
- Drilling is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 metres
- The property is located in southern Saskatchewan
- The company has also closed its latest round of financing, raising $6,918,200 through a private placement to help further exploration and development
- Helium Evolution is unchanged, trading at $0.40 at 9:30 am ET
Helium Evolution (HEVI) announced Tuesday the company has spud, or started drilling the first well at its McCord property.
Drilling is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 metres targeting the Deadwood formation.
The property is located in southern Saskatchewan.
The Calgary-based exploration company owns a 100-percent interest in the property.
The company has also closed its latest round of financing. It raised $6,918,200 through a private placement to help further exploration and development. The company issued a total of 17,295,500 units during the financing.
“Spudding our first well at McCord is another significant milestone for HEVI. The HEI-1 drill represents one of six locations already identified on the McCord property in our inaugural 2022 drilling campaign,” said President and CEO Greg Robb.
“Our drilling program is a critical step in successfully proving up our acreage at McCord and supporting our broader commercialization plans. As a result of our drilling five, 100-percent funded wells across other land blocks in HEVI’s portfolio, with the view to validating the prospective nature of our overall helium land base.”
Once drilling is finished the well will be completed over a 14-day period, during which the company will conduct flow testing.
Preliminary results from the flow test are anticipated by the end of July, with further wells expected to be drilled predicated on the success of the first well.
Since the spring, the company has also been advancing the engineering and design required for processing facilities while also engaging in discussions to secure an offtake agreement.
Helium Evolution is unchanged, trading at $0.40 at 9:30 am ET.
