Nov 9, 20222 min
Helium Evolution's partner, North American Helium, has spudded the first well, NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan. Drilling at the 13-30 location is expected to take ~14 days to reach a total depth of 2,720 metres. Once drilling has concluded, the rig is expected to move to NAH’s second licenced location at NAH 1-1-6-10W3. Preliminary flow test results from the First Test Well are anticipated to be available before the end of December, 2022.
Press Release:
Helium Evolution Incorporated, a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium, has spud the first well, NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan, pursuant to a previously announced farmout arrangement. This First Test Well is situated due south of the NAH helium discovery at Mankota.
Drilling at the 13-30 location is expected to take approximately 14 days to reach a total depth of 2,720 metres. Once drilling has concluded, the rig is expected to move to NAH’s second licenced location at NAH 1-1-6-10W3. Preliminary flow test results from the First Test Well are anticipated to be available before the end of December, 2022.
HEVI is ideally positioned to benefit from the continued exploration and development of its asset base by NAH, and to leverage their extensive data and expertise without being required to spend capital in the near term. NAH’s farm-in allows HEVI to conserve its approximately $10 million in cash and liquid assets while maintaining financial flexibility and future optionality to pursue other targets across the Company’s 5.5 million acres of helium rights. In support of this, HEVI has recently acquired 360km of 2D seismic trade data across its exploration acreage, which is expected to assist the Company in further building out its existing technical work and support the selection of future drilling targets.