Reviewed by Lexie CornerDec 5 2024
First Helium Inc. has announced the completion of surveying for its proven undeveloped ("PUD") 7-30 location and is progressing through the licensing process for both the 7-30 and 7-15 locations. The 7-30 PUD well will be drilled at an existing surface location, allowing the Company to accelerate the drilling process.
Worsley Project Inventory. Image Credit: First Helium Inc.
The PUD well has been assigned proved plus probable undeveloped reserves of 196,700 barrels by Sproule Associates Limited ("Sproule"), the Company's independent evaluator. It will be drilled alongside the recently identified 7-15 Leduc anomaly.
We are pleased to be driving forward with our 7-30 PUD drilling location in conjunction with our high impact Leduc anomaly, 7-15, which on seismic is approximately five times the areal extent of our successful 1-30 light oil pool discovery. If successful, the combined oil potential from these two operations will provide immediate cash flow and meaningful near-term value for our shareholders.
Ed Bereznicki, President & CEO, First Helium Inc.
Worsley Leduc Formation – 12 Primary Targets Identified on Proprietary 3D Seismic
Building on the historical success of the 1-30 and 4-29 Leduc oil wells, which together have produced over 113,000 barrels of light oil, generating more than $13 million in revenue and $8 million in cash flow, the Company has identified a strong correlation between its Leduc seismic interpretation and the potential for economically producible hydrocarbons. Notably, this same seismic signature is present across all other drilling locations.
The Company has identified ten more Leduc sites using the same seismic interpretation that was applied to its proprietary 3D data, which also highlighted the 7-30 and 7-15 locations. Continued success in drilling the 7-30 PUD well and the 7-15 anomaly could lead to a low-risk, scalable project consisting of 10 wells. This vertical Leduc play presents a potential growth opportunity for the Company’s oil production, with all lands fully (100 %) owned by the Company.