- First Helium Inc. (HELI) has received its license from the Alberta Energy Regulator to drill its third exploration well on the Worsley landholdings
- The company stated it expects to begin drilling operations for the well later this month
- The newer 14-23 well is west of the company’s 15-25 helium well, which produced two million cubic feet of has per day
- First Helium is also in the process of securing helium gas off-take sales arrangements
- First Helium Inc. (HELI) is down 3.85 per cent and is trading at $0.50 per share as of 4:03 p.m. ET
First Helium (HELI) has received its license from the Alberta Energy Regulator to drill its third exploration well, 14-23, on the Worsley landholdings.
The company stated it expects to begin drilling operations for the well later this month.
“Drilling 14-23 presents a potential opportunity to take advantage of robust near to mid-term global helium pricing and build on the strong results from the 15-25, 1-30 and 4-29 discovery wells, which collectively represent significant growth potential and underlying asset value to First Helium shareholders,” Ed Bereznicki, President and CEO of First Helium, said.
The 14-23 well is west of the company’s 15-25 helium well. According to First Helium, the 15-25 well most recently flowed at two million cubic feet per day of raw gas with a confirmed helium content of 1.30 per cent.
The company commented that the raw gas stream comprises approximately 65 per cent natural gas, which will be produced along with the helium gas, sold, and used to generate power for facility operations.
First Helium shared it is in the process of securing helium gas off-take sales arrangements to help support a single well helium gas processing facility for 15-25, planned to begin later this year.
First Helium intends to produce and market any associated surplus hydrocarbon volumes included in future discovery wells to capitalize on.
First Helium Inc. (HELI) is down 3.85 per cent and is trading at $0.50 per share as of 4:03 p.m. ET.