First Helium spuds 7-30 undeveloped light oil well

First Helium has begun drilling its proven undeveloped (PUD) 7-30 oil location at its Worsley Property in Northern Alberta. Following drilling of the 7-30 vertical well, the contractor’s drilling rig will move directly to the 7-15 location to begin drilling in early February, barring any unforeseen delays. The company will continue to provide regular updates on ongoing field activities.

“We are excited to be drilling again – starting with our 7-30 light oil development well which spudded this past weekend. We will follow up by drilling our high impact Leduc anomaly, 7-15, which on seismic is approximately 5X the areal extent of our successful 1-30 light oil pool discovery. Favorable results from these two wells will further de-risk our Leduc Play, where we have identified 10 additional primary locations on proprietary 3D seismic, and potential for further southeast extension across our 100% owned lands,” said Ed Bereznicki, President & CEO of First Helium.

The 7-15 vertical well location has been prepared for drilling. The proximity of the two locations, approximately 6 km apart, will enable efficient rig transfer and minimize mobilization costs. Subject to results, necessary preparations are being made to complete, equip and tie-in the two wells prior to spring break up in Alberta.