- E3 Lithium (ETL) has acquired a third-party well in its Clearwater Project Area within the Bashaw District
- The acquisition of an existing well reduces the environmental footprint associated with E3’s drilling program and represents a potential cost savings of more than $1.5M
- E3 can reuse an existing well in this instance due to its location being within a few hundred metres of E3’s planned well location.
- This will be the third and final well associated with E3’s current drilling program, which began in June
- E3 Lithium is a development company with a total of 24.3 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources in Alberta
- E3 Lithium Ltd. opened trading at $2.53 per share
E3 Lithium (ETL) has acquired a third-party well in its Clearwater Project Area within the Bashaw District.
The acquisition of an existing well reduces the environmental footprint associated with E3’s drilling program and represents a potential cost savings of more than $1.5M. Repurposing oil and gas infrastructure represents the ‘Alberta Advantage’ in action.
E3 can reuse an existing well in this instance due to its location being within a few hundred metres of E3’s planned well location.
Other contributing factors to the acquisition of the well are the recency with which it was drilled, the integrity of the wellbore, and the depth to which it was drilled, intersecting the entire Leduc Reservoir.
“The environmental and fiscal advantages of acquiring this well are significant for E3,” stated Chris Doornbos, President and CEO of E3 Lithium.
“One of the advantages of working in Alberta is the ability to repurpose oil and gas infrastructure – including wells whenever possible, as well as equipment, access roads, inactive and active process sites and skilled labour – to be responsible stewards of our resources,” he added.
The lease site will be reclaimed back to its original state after work is complete.
This will be the third and final well associated with E3’s current drilling program, which began in June.
E3 Lithium is a development company with a total of 24.3 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources in Alberta.
E3 Lithium Ltd. opened trading at $2.53 per share.