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First Helium Initiates Process to License & Drill the Leduc Anomaly

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First Helium Inc.
First Helium Inc.

Company Provides Update on Planned Activities for Next 4 Months

CALGARY, Alberta, Nov. 13, 2024 (GLOBE NEWSWIRE) -- First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed its field survey activities and selected the surface location for its Leduc anomaly test well planned for drilling this winter. The survey will be used to prepare necessary regulatory applications for drilling approval. The well location has been selected based on a thorough evaluation of recently acquired proprietary 3D seismic data where the Company has identified a significant anomaly in the Leduc Formation which it believes to be prospective for oil. To date, the Company has drilled two successful Leduc oil wells at Worsley, including the 1-30 and 4-29 Leduc oil pool discoveries, respectively, which together have produced more than 113,000 barrels of light oil, generating in excess of $13 million in revenue and $8 million in cash flow.

“The completion of our recent financing will allow us to proceed with a number of operations this winter, which include testing the large 3D seismic anomaly targeting Leduc oil, and completing the previously drilled Blue Ridge horizontal well targeting helium-enriched natural gas. If successful, these operations will set the stage for immediate cash flow for the Company, coupled with the accelerated development of oil and helium enriched natural gas at Worsley, executed alone or with larger partners,” said Ed Bereznicki, President & CEO of First Helium.

“These operations represent a very important next step for the Company in de-risking the Leduc and Blue Ridge plays, respectively. Each has the potential to unlock significant, follow up development drilling on the Company’s 53,000-acre, 100% owned land base”, added Mr. Bereznicki.

Highlights of the Worsley Winter Program

This winter, the Company is planning to undertake a number of significant operations at Worsley, including:

Leduc Formation:

  • Drilling of the potentially transformational, structural feature (see Figure 1) in the Leduc Formation targeting oil, with the potential for helium-enriched natural gas. A successful oil well in this anomaly, a structure greater than five times in aerial extent the size of its largest previous oil discovery (the 1-30 pool), would be brought into production in approximately 2 - 3 months. The Company would plan to bring a successful natural gas with associated helium well into production in conjunction with First Helium’s 15 – 25 helium discovery. The planned drill will also allow the Company to test a number of up hole, area productive formations in addition to the Leduc; and

  • The Company has also selected surface locations on three additional Leduc drill targets identified on proprietary 3D seismic, including one drilling location (“7-30”) which was assigned “proved plus probable undeveloped” oil reserves of 196,700 barrels1 by Sproule, its independent evaluator. Depending on timing, and capital availability, the Company may elect to pursue one or more of these additional Leduc drill targets.