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VVC Exploration Oct'23 Results

During the quarter ended Oct'23, VVC Exploration focused on reworking and connecting existing wells on the Syracuse property, with the Levens 2-31 well linked to the Tumbleweed Pipeline for helium transportation. Initial attempts to rework the Blackwell 1-28 well were unsuccessful. Eight new wells were drilled, with one targeting the deeper Wabansee zone and showing helium-rich gas. Seven other wells in the Chase zone exhibited helium-rich gas shows. With a cash infusion in July 2023 from the sale of Proton Green partial interest, field operations resumed, optimising the Durler 2-21 and Levens 2-31 wells for efficient production. Five other wells were perforated, with completion ongoing for two, providing insights into the Syracuse Project's production capacity. The next steps involve allowing completed wells to stabilise and evaluating results before proceeding with further work. VVC is also focusing on the Syracuse Extension Kansas' exploration and production efforts in 2024. VVC made no sales during the quarter and ended with a net loss of C$1.3mm, cash position of C$5mm, and total assets of C$46mm.

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