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First Helium Licenses Second of Two Wells Targeting Leduc Light Oil at Worsley

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First Helium Inc.
First Helium Inc.

Company Prepares to Drill 7-30 and 7-15 Oil Locations – Sets Stage for Additional 10 Well Drilling Program

CALGARY, Alberta, Jan. 09, 2025 (GLOBE NEWSWIRE) -- First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced receipt of regulatory licensing approval to proceed with the drilling of its 7-15 high impact exploration location, along with its previously licensed proven undeveloped ("PUD") 7-30 location, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels² by Sproule Associates Limited ("Sproule")¹, its independent evaluator. The Company is working to secure drilling and ancillary services to drill both wells in a sequential, cost-effective manner. In preparation, the Company has commenced construction of the 7-30 drilling location.

"With drilling license now in hand for the 7-15 location, we are moving ahead to secure the required services necessary to drill both our 7-30 PUD well along with 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," said Ed Bereznicki, President & CEO of First Helium. "With success, the combined oil potential from these two operations would provide immediate cash flow and meaningful near-term value for our shareholders. It would also set the stage to execute on ten additional, highly prospective lower risk drilling locations," added Mr. Bereznicki.

Follow Up Drilling Inventory – 10 Additional Targets Identified on Proprietary 3D Seismic

The Company 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 (See Figure 1). 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. The Company would look to exploit those potentially economic zones from the same wellbore, and/or drill additional well(s) 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.

Figure 1:
Worsley Project Inventory
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