Global Helium Corp. ("HECO" or the "Company") provides an update on the recent drilling activities by North American Helium Inc. ("NAH") under a seismic review option agreement (the “Agreement”) between the two parties that was announced by the Company in a press release dated April 8, 2024.
As HECO previously announced in a press release dated May 22, 2024, pursuant to the Agreement, NAH elected to drill and fully fund a test well (the “Test Well”) in the Vermillion Hills area of HECO’s Saskatchewan acreage. After reaching total depth, NAH notified the Company that the Test Well will be abandoned. As a result of the Test Well being drilled on an accelerated timeframe prior to December 30, 2024, NAH has now earned an 80% working interest in 72 sections of HECO’s land. Further, the results of the Test Well confirm the Company’s strategy of preserving capital and derisking exploration assets through joint venture, while allocating capital to HECO’s proven assets on the Manyberries trend in Alberta.
With an expanded joint acreage position, the Company is pleased to continue its partnership with NAH on multiple other structures across the Saskatchewan land base moving forward. In addition, the Test Well has provided both parties with valuable geological data and information that is expected to be instrumental in guiding HECO’s ongoing future exploration efforts.
