Helium Evolution Incorporated ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce preliminary test results from its 10-1-4-9W3 helium discovery well (the “10-1 Well”) along the Mankota helium fairway. HEVI holds a 20% working interest in the 10-1 Well, in partnership with the operator, North American Helium Inc. (“NAH”).
Completion, perforation and initial production testing of the 10-1 Well is ongoing. At the end of a 4-day extended flow testing period, the 10-1 Well was producing approximately 9.5 million standard cubic feet per day (“MMscf/d”) at 10,800 kilopascal (“kPa”) flowing tubing pressure. The preliminary test also confirmed a helium content of 0.75%, significantly higher than the commercially viable threshold of 0.3%. Additionally, the 10-1 Well produced negligible water, indicating strong potential for efficient helium recovery and processing.
After the extended production flow period, the 10-1 Well will be shut in for 14 days to collect reservoir pressure data, which will be analyzed to further evaluate the resource’s potential.
Looking ahead, HEVI continues to work closely with NAH to plan the next phase of development. This includes the drilling of a joint well at 10-36-3-9W3 (the “10-36 Well”), which is expected to spud on or around January 2, 2025, subject to surface conditions. The 10-36 Well is designed to further delineate the helium pool and support the continued expansion of the project. HEVI intends to participate in the 10-36 Well, with the estimated total cost for HEVI’s share being approximately $0.4 million. A portion of this cost will be paid for in-kind, with HEVI contributing spare casing inventory to the project.
In addition to drilling activities, NAH is evaluating the installation of processing facilities in the area, which HEVI fully supports. The installation of a processing facility will be contingent upon positive evaluation of results in Q1-2025. The establishment of processing facilities is an essential step in HEVI’s broader strategy to move toward commercial helium production.
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Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.