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Helium Evolution announces partner has spud joint well in Saskatchewan

18 December 2023

Helium Evolution (TSX-V:HEVI) CEO, Greg Robb joined Steve Darling from Proactive to share news the company has shared exciting news regarding the company's partnership with North American Helium.

Their joint well project, known as Joint Well #2, has recently been spudded on lands held jointly in Mankota, Saskatchewan. The well is strategically located approximately six kilometers north of HEVI's previously discovered helium reserves at 2-31-2-8W3.

Helium Evolution plans to actively participate in the drilling of Joint Well #2, exercising its 20% working interest. The estimated cost for the company's involvement is approximately $0.4 million net. This endeavour is backed by Helium Evolution's robust working capital position, which stood at $7.8 million as of September 30, 2023.

This significant development comes on the heels of Helium Evolution's announcement of its first helium discovery in Joint Well #1. Comprehensive testing was conducted on Joint Well #1 to confirm flow rates, define reservoir boundaries, and analyze gas composition.

The results showed helium concentrations of 0.95%, which is more than three times the commercially viable level of 0.3%. Additionally, the gas composition consisted of 96% nitrogen, with fractional percentages of minor component gases making up the remainder.

These discoveries and ongoing projects position Helium Evolution as a key player in the helium market, with the potential to contribute significantly to the global helium supply.

Contact Details

Proactive United States

Proactive United States

+1 347-449-0879

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