VVC Exploration H1'24 Results

In H1'24, VVC continued operations at its Syracuse Helium Project. The Durler 2-21 and Levens 2-31 wells were reconnected to the internal gas gathering system, with both starting helium and natural gas production in Nov'23. Durler well has stabilised at 2-2.5mmcf/month of raw gas with 1.2% helium, while Levens produces 1-1.3 mmcf/month with similar helium content. Additionally, five previously drilled wells were perforated, with two completed in Jan'24, starting helium production with ~1.2% helium. Further optimisation is ongoing. Production from its Stockholm, Kansas project (1.8% helium content) is expected to start in Oct’24 and will flow into the Tumbleweed plant. Helium and natural gas revenues for Q2’24 were just C$46k. The company ended H1'24 with a net loss of C$2.1mm, cash position of C$650k and total assets of C$16mm.

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