First Helium plans to drill two vertical Leduc oil targets for oil production growth.

From GlobeNewswire: 2024-11-27 07:00:00

First Helium Inc. plans to drill two vertical Leduc oil targets at its Worsley property, targeting proven undeveloped oil reserves at 7-30 and exploring the 7-15 Leduc anomaly. The company has identified 12 primary Leduc targets and aims to optimize drilling costs with a two-well program. The Worsley project presents a significant opportunity for oil production growth.

The 7-15 well will target a large Leduc structure, while the 7-30 well directly offsets the successful 1-30 well. The 1-30 well produced 419 bbl/d of light oil and paid out in less than 4 months. The 7-30 location was identified using the same seismic interpretation technique as the previous successful wells.

First Helium aims to be a leading provider of helium gas in North America, holding over 53,000 acres along the Worsley Trend in Northern Alberta. The company’s successful oil wells at Worsley have supported its exploration and development strategy. With potential oil drilling locations identified, the company is poised for further growth.

The Company has identified 10 additional Leduc locations based on successful seismic interpretation. Continued drilling success will lead to a low-risk 10-well scalable project. The Worsley project offers a significant opportunity for the Company’s oil production growth on its existing lands. Further partnerships may accelerate development.



Read more at GlobeNewswire: First Helium Confirms Plans for Sequential Drilling of Two