CALGARY, AB, Dec. 30, 2021 /CNW/ - Avanti Energy Inc. (TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to announce that it will spud the Company's first helium well today, Rankin 01-17, on its 100%-owned Greater Knappen area, located in Montana.
The Rankin 01-17 well is expected to take approximately 14 days to reach a total depth of ~6,100 feet. The location exhibits a structural high with the potential for multiple pay zones and is the first of three exploration wells targeting distinct structures in both the Devonian and Cambrian formations. Once Rankin 01-17 drilling is completed, the T&S Drilling rig and crew will move immediately to the Company's second well location in Greater Knappen.
"Spuddng the first of three appraisal wells in Greater Knappen is a significant milestone for our Company," said Chris Bakker, CEO of Avanti Energy. "We have reviewed dozens of opportunities in the past year and selected this as a high priority area for the Company's inaugural drilling program. To have assembled the land, completed the internal systems required to undertake an initial multi-well helium drill program and be spudding before year end is an achievement of which the entire team is incredibly proud."
Greater Knappen Area Highlights:
- ~69,000 acres of potential helium-rich properties across both Montana and Alberta, over which the Company maintains 100%-ownership.
- 10 closed structural highs, exhibiting relief of 70m to >200m, that are ideal for trapping helium.
- In 2021 helium production commenced from a well drilled in the immediate area by a separate company, from the same zones targeted by Avanti's technical team, further validating the Company's model.
- Other wells surrounding Avanti's lands have high helium shows in multiple Devonian and Cambrian targets with helium percentages of up to 2% and nitrogen percentages of up to 96%.
Avanti continues toevaluate multiple opportunities across Western Canada and the United States to build an industry-leading helium company with a premier portfolio of prospective lands.