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First Helium finalises drilling program for 2 helium wells in Q2'22

First Helium is making final preparations to begin drilling on its Worsley, Alberta property in late June or early July, following on from its 15-25 discovery. The Company plans to fund the drilling with the cash on hand, accumulated from its oil production from the last few months. The target wells have been selected based on a geological and engineering evaluation of all prospective helium bearing horizons and the incorporation of information from the company’s recent exploration successes.

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Helium One ended 2022 with a net cash balance of US$13.7mm, providing ample cash for its upcoming drilling campaign. In H2'22, cash outflow from operations was US$1.6mm and capital expenditure US$1.5m

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