First Helium (TSXV:HELI) successfully tested its first discovery well and is now looking forward to bringing it into production in 2022. The company is also exploring future helium resources on an underdeveloped land base in Worsley, Alberta.
First Helium CEO Ed Bereznicki shares some of the exciting things that the company is working on.
“Our key property is located in Northern Alberta, just north of Grand Prairie; we have an existing well, called 15 of 25, which is tested successfully on numerous times for helium,” Bereznicki said. “We’re looking forward to bringing that well into production. It’s been tested at 1.3 percent. And pending facility construction and site preparation, we’d be bringing that well into production in about nine to 12 months.”
The company has done extensive geological and geophysical work on the Worsley areas, which are approximately 79,000 acres. First Helium purchased additional land and identified numerous other prospective drill locations in the area. Bereznicki added that the company has access to a lot of data from previous drilling and operations, enabling it to understand where the helium resides, and where it can explore for it and bring it into production. First Helium identified three offsetting drill locations in the same area.
“The recent drill that we announced in December turned out to be a successful oil well, in addition to allowing us to examine other helium zones and horizons that we would look to explore further elsewhere on the property. We’ll be producing about 400 barrels a day from this well, which will give us some financial flexibility,” he said.
“Our goal would be to bring on a number of wells and establish a larger processing facility in the Worsley area. And then potentially liquefaction in the future depending on the size of the volume. So the upside really lies in finding more helium and bringing that helium on for production and sale.”
Watch the full interview of First Helium CEO Ed Bereznicki above.
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