First Helium licenses second of two wells

First Helium received regulatory licensing approval to proceed with the drilling of its 7-15 high impact exploration location in Canada, along with its previously licensed proven undeveloped (PUD) 7-30 location, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels.

The company is working to secure drilling and ancillary services to drill both wells sequentially. In preparation, they have started construction of the 7-30 drilling location.

First Helium has identified 10 additional primary Leduc locations using the same interpretation of its proprietary 3D seismic data that identified its 7-30 and the 7-15 targets. Success in the current drilling program would immediately de-risk these locations for follow-up development.

Each of the 10 Leduc drilling locations also has the potential to encounter one or more of up to six additional shallower formations/zones which have been historically proven to produce oil, and helium-enriched natural gas along the Peace River Arch at Worsley.

First Helium would look to exploit those potentially economic zones from the same wellbore and/or drill additional wells to accelerate the development of potential discoveries in such an “up hole” zone, once it had extracted all the hydrocarbons economically possible from a successful Leduc well.