- VVC Exploration (VVC) is adding a new gas property in its wholly-owned subsidiary, Plateau Helium Corporation
- Platinum Helium Corporation owns a 100 per cent operated working interest in the Syracuse Extension 1 lease subject to the royalties
- The property is known as the Syracuse Extension 1
- The property was purchased with the seller retaining a 2 per cent royalty in the property
- VVC Exploration is down 8.33 per cent, with shares trading at C$0.11 at 3:20 am ET.
VVC Exploration (VVC) is adding a new gas property in its wholly-owned subsidiary, Plateau Helium Corporation.
The property is known as the Syracuse Extension 1. The property was purchased at a nominal cost and a commitment to commence production, with the seller retaining a 2 per cent royalty in the property.
The company says the acquisition bolsters its helium portfolio and its ability to capitalize on the growing demand for helium, driven by increased global usage.
Platinum Helium Corporation owns a 100 per cent operated working interest in the Syracuse Extension 1 lease subject to the royalties. Extension 1 is a 320-acre property located in Cheyenne County, Colorado and includes 2 gas wells drilled in 1989-1990 which were never put into production. The property is adjacent to the Tumbleweed Midstream pipeline which is linked to a helium processing plant. Both wells contain methane and helium.
“This lease acquisition adds to the more than 15,000 acres of Syracuse and Monarch leases in the PHC portfolio. It represents the company’s opportunistic strategy of acquiring selective potential helium properties which we believe can be brought into production quickly and inexpensively and can be managed by the local team managing the Syracuse field. This property will be included in our Syracuse field development plans, with the current expectation of gas production to begin from Syracuse Extension 1 in Q4 of 2021,” said VVC Exploration CEO Jim Culver.
VVC Exploration is down 8.33 per cent, with shares trading at C$0.11 at 3:20 am ET.