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First Helium Summarizes High Impact Exploration Targets and Corporate Actions for H2 2024

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First Helium Inc.
First Helium Inc.

CALGARY, Alberta, July 10, 2024 (GLOBE NEWSWIRE) -- First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced plans to test key exploration targets at the Company’s 100% owned Worsley property in Northern Alberta, along with key corporate activities, in the second half of 2024.

Highlights:
The Company plans to test multiple high impact exploration targets over the next 6 months, including:

  • A substantial structure in the Leduc Formation, identified on recently interpreted proprietary 3D seismic (Press Release dated July 3, 2024); and

  • Numerous planned horizontal, helium-enriched natural gas targets on a regional play on the western part of the Worsley property.

All targets to be tested in the anticipated program:

  • Have the potential to encounter multiple productive horizons (pay zones) which can include natural gas with associated helium, and light oil;

  • Are located on trend and adjacent to past producing helium-enriched natural gas pools and light oil wells (See Figure 1);

  • Can garner premium pricing, with netbacks ranging from 3 - 4 times the netbacks of conventional natural gas, when enriched with helium; and

  • have an offtake agreement in place with one of the largest global helium gas distributors.

Figure 1:

240709 HELI NR Figure 1
240709 HELI NR Figure 1


Worsley Project

“Over the past several months, our team has been working to complete the evaluation of proprietary 3D seismic data over our 100% owned Worsley property. We recently reported that we have identified a large structure in the Leduc Formation that is on trend and substantially greater in areal extent than our 1-30 Leduc oil pool discovery, which together with our 4-29 Leduc well, have produced 113,000 barrels of light oil and generated $13 million in revenue to date,” said Ed Bereznicki, President & CEO of First Helium.   “In the coming months we plan to test that large Leduc structure as well as complete a horizontal well previously drilled in the Blueridge Formation on the western part of the property. Successful completion and testing of that horizontal well could help establish a regional, repeatable natural gas play with scalability and tremendous potential for growth as well as enriched netback economics resulting from the helium content of those wells,” added Mr. Bereznicki.

Corporate Update

The Company’s Worsley Property encompasses more than 53,000 acres of 100% owned land along a trend of sizeable, past producing helium enriched natural gas pools (See Figure 1). This includes the 15-25 helium discovery well, with an independently evaluated resource of 323 million cubic feet of helium1,2, along with numerous multi-zone targets for helium, oil, and natural gas.