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First Helium Advances Licensing of Strategic 7-15 and 7-30 Leduc Wells Targeting Light Oil

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First Helium Inc.
First Helium Inc.

Company Completes Surveying of 7-30 Proven Undeveloped (“PUD”) Oil Location

CALGARY, Alberta, Dec. 04, 2024 (GLOBE NEWSWIRE) --  First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed surveying its proven undeveloped ("PUD") 7-30 location and is advancing through the licensing process for both the 7-30 and 7-15 locations, respectively. The 7-30 PUD well will be drilled on an existing surface location which will enable the Company to expedite drilling. The PUD well has been assigned proved plus probable undeveloped reserves of 196,700 barrels2 by Sproule Associates Limited ("Sproule")1, the Company's independent evaluator, and will be drilled in conjunction with the recently identified 7-15 Leduc anomaly.

"We are pleased to be driving forward with our 7-30 PUD drilling location in conjunction with our high impact Leduc anomaly, 7-15, which on seismic is approximately five times the areal extent of our successful 1-30 light oil pool discovery," said Ed Bereznicki, President & CEO of First Helium. "If successful, the combined oil potential from these two operations will provide immediate cash flow and meaningful near-term value for our shareholders," added Mr. Bereznicki.

Worsley Leduc Formation – 12 Primary Targets Identified on Proprietary 3D Seismic

Based on historical successful drilling results from the 1-30 and 4-29 Leduc oil wells, which together have produced more than 113,000 barrels of light oil and generated more than $13 million in revenue and $8 million in cash flow, the Company has achieved a direct correlation between its Leduc seismic interpretation and the potential for economic quantities of producible hydrocarbons. Notably, this same seismic signature is seen across all additional drilling locations.

As highlighted recently, the Company has identified 10 additional Leduc locations based on the same seismic interpretation over its proprietary 3D data that identified the 7-30 and the 7-15 locations (See Figure 1). Continued success through drilling the 7-30 PUD well, and 7-15 anomaly, will result in an immediate low risk 10 well scalable project. This vertical Leduc play provides an opportunity for potential growth of the Company’s oil production, all located on existing (100 per cent) Company held lands.

Figure 1:
Worsley Project Inventory

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The vertical Leduc play provides an opportunity for potential growth of the Company’s oil production, all located on existing (100 per cent) Company held lands. Given the large potential opportunity of the Worsley project, the Company will continue to explore potential partnerships to accelerate the development of its rich asset base.