#SOLID HELIUM PLUS#

In summary, Sproule estimated Total Proved Reserves to be 287,900 barrels, and the Total Probable Reserves to be 217,300 barrels of light oil, respectively.

#SOLID HELIUM PLUS#

Specifically, Sproule estimated the Total Proved plus Probable gross reserves associated with First Helium's oil property, including the 1-30 and 4-29 wells. The reserves evaluation includes risked estimates of oil volumes and related net present values of future net revenues, estimated using various forecasted oil prices. Sproule carried out its evaluation in accordance with standards set out in the current Canadian Oil and Gas Evaluation Handbook, as maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter). in the Beaton Area of Alberta, Canada (as of March 31, 2022)' (the 'Reserve Report') from Sproule Associates Limited ('Sproule').

In July 2022, the Company received an independent report, focused on its oil property at Worsley, entitled 'Evaluation of the P&NG Reserves of First Helium Inc. The Company is currently in the process of securing helium gas off-take sales arrangements to help support the financing, fabrication, installation and commissioning of a single well helium gas processing facility for 15-25, planned to commence later this year. Safton.īased on preliminary 'FEED' (Front End Engineering Design) study work that commenced in the Spring of 2021, First Helium has now completed the FEED study of a larger scale helium processing facility which can be applied to meet the immediate timing requirements of its 15-25 single well helium processing facility at Worsley. These formations possess excellent porosity and permeability, and based on the helium content at Knappen, for successful wells we expect helium content of about 1% in the Lethbridge area', added Mr. 'We have targets with four-way closure at both the Basal Cambrian Sandstone and Beaverhill Lake/Souris River levels. 'With 3D seismic data covering approximately 60% of the 276,000 acre Lethbridge land base, the Company has been able to evaluate potential targets which are similar to known helium accumulations at Knappen, Battle Creek and Cypress,' commented David Safton, Vice President of Exploration & Development. Similarly, the team has identified a number of potentially high-impact locations on its Southern Alberta Area ( Lethbridge) lands, including a drill-ready location for later this year. These locations are based on detailed geological and geophysical mapping with the incorporation of nearly 15,000 acres of 3D seismic data, and approximately 210 km of 2D seismic data. Bereznicki.įirst Helium's geoscience team has identified numerous potential drilling locations across the largely undeveloped balance of its 79,000 acre Worsley property. These opportunities represent significant potential growth for First Helium shareholders beyond established asset value', added Mr. 'First Helium intends to deploy ongoing cash flow from its oil production to help fund further exploration of the numerous, internally generated helium drilling locations identified on its Worsley property and Southern Alberta Lands. 'When combined with the independent contingent resource 5 evaluation of First Helium's 15-25 well, the receipt of an independent evaluation of the Company's light oil reserves further substantiates First Helium's underlying asset value,' said Ed Bereznicki, President & CEO of First Helium. (TSXV: HELI) (CNW Group/First Helium Inc.)

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