First Helium receives approval to drill two wells targeting Leduc, aiming for cash flow and growth

From GlobeNewswire: 2024-12-12 07:00:00

First Helium Inc. has received regulatory approval to drill its proven undeveloped 7-30 location, with 196,700 barrels of proved plus probable undeveloped reserves. The company is also working on licensing for the high-impact 7-15 Leduc anomaly target to drill both wells sequentially for cost efficiency.

With success, the combined oil potential from the 7-30 and 7-15 operations could provide immediate cash flow and value for shareholders. First Helium has identified 10 additional Leduc drilling locations using proprietary 3D seismic data, with potential for economic quantities of producible hydrocarbons in each location.

The company has a proven track record with successful drilling results from previous wells, generating revenue and cash flow. With extensive land holdings at Worsley, First Helium aims for scalable growth and is exploring partnerships for development. The company’s ultimate goal is to become a leading provider of helium gas in North America.

Led by a Senior Executive Team with diverse backgrounds, First Helium continues exploration and development at the Worsley project. The company has identified numerous follow-up drill locations and acquired infrastructure for future exploration. Cash flow from oil wells supports ongoing growth strategy and potential for additional drilling locations on Worsley lands.

First Helium emphasizes forward-looking statements regarding future planned activities, including completion of drilling programs. The company acknowledges inherent assumptions, risks, and uncertainties in the energy sector. Management provides a comprehensive perspective on future operations to inform stakeholders about potential outcomes and benefits.



Read more at GlobeNewswire: First Helium Licenses First of Two Wells Targeting Leduc