- Desert Mountain Energy (DME) has begun drilling the Gunnar Dome Wildcat Well and cancelled a private placement
- Desert Mountain is a resource company working on helium, hydrogen, and noble gases
- The intended depth of the well is roughly 4,500 to test all zones to a top granite formation
- Modelling suggests the gas composition should contain high concentrations of nitrogen
- Desert Mountain has cancelled it due to general negative market pressures over the week
- Desert Mountain Energy Corp.(DME) is up 14.77 per cent and is trading at $2.02 per share as of 2:36 p.m. ET
Desert Mountain Energy (DME) has begun drilling the Gunnar Dome Wildcat Well and cancelled a private placement.
The company stated the intended depth of the well is roughly 4,500 to test all zones to the top granite formation.
Desert Mountain shared that its modelling suggests that the gas composition should contain high concentrations of nitrogen. It feels that since this is a documented domal structure with closure on all sides the well has been situated to take maximum advantage of the trapping mechanisms of the underlying formations.
A helium processing plant construction will be situated on property that the company owns and is not subject to any form of lease agreements.
Desert Mountain cancelled its previously announced private placement due to general negative market pressures, even after a reduction of the price per unit announced last night.
Desert Mountain is a resource company working on the exploration, development and production of helium, hydrogen, and noble gases.
Desert Mountain Energy Corp.(DME) is up 14.77 per cent and is trading at $2.02 per share as of 2:36 p.m. ET.