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First Helium Secures Rig to Drill 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 Locations Back-to-Back

CALGARY, Alberta, Jan. 15, 2025 (GLOBE NEWSWIRE) -- First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has engaged the services of a drilling contractor to drill its 7-15 high- impact exploration location, along with its proven undeveloped ("PUD") 7-30 oil location1,2. The contractor’s drilling rig (the “Rig”) is currently working for another operator in the region. The Company expects the Rig to arrive at the 7-30 location and begin drilling within two weeks, subject to weather and any unforeseen delays. Following drilling of the 7-30 well, the Rig will be released and mobilized 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 these field activities.

"We are very excited to be moving ahead with the drilling of 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. Securing a rig that has been active in the region and drilling the 7-30 and 7-15 locations ‘back-to-back’ will help minimize mobilization costs and ensure a smooth drilling operation," 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," added Mr. Bereznicki.

Work has begun at both the 7-30 and 7-15 vertical well locations (see Figure 1) to prepare the respective leases for drilling. The 7-15 location is located approximately 6 kilometers southeast of the 7-30 location which will help facilitate an efficient move between drilling locations. Pending results, necessary preparations are being made to complete, equip and tie-in the two wells prior to spring break up in Alberta (a period from mid/late March through May when Provincial highway restrictions limit heavy equipment movement).

Figure 1:
Worsley Project Inventory

Picture1
Picture1


Notes:
        (1)   Prepared by Sproule Associates Limited (“Sproule”), independent qualified reserves evaluator, in accordance with COGE Handbook.
        (2)   Assigned 196,700 Barrels of Gross Proved plus Probable Undeveloped reserves, per Sproule, Evaluation of the P&NG Reserves of First Helium Inc. in the Beaton Area of Alberta (as of March 31, 2023). See First Helium’s SEDAR+ profile at www.sedarplus.ca.