In a recent webinar, First Helium's President and CEO, Ed Bereznicki, provided an update on the company's expansion strategy and upcoming drilling activities. The company owns ~53k acres in the West and East Worley areas. Upcoming plans include testing a major oil target based on proprietary 3D seismic data, which could provide immediate cash flow. Additionally, it plans to complete a horizontal natural gas and helium well, which, if successful, could potentially result in a helium production rate of ~250mcf/d. The company’s strategy also involves de-risking through focusing on developing and bring online its proven reserves and leveraging 3D seismic data to expand its portfolio. Up till now First Helium has not commercialised its helium prospects but has been able to capitalise on the light oil discovery at Worsley which is covering the company's working capital.
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