Increase Production and Cash Flow Calgary, Alberta--(Newsfile Corp. - October 12, 2023) - First Helium Inc. (TSXV: HELI) (FSE: 2MC) ("First Helium" or the "Company"), an exploration and development company with properties in Northern and Southern Alberta, is pleased to announce its plans to drill an existing "proven undeveloped" light oil location as well as re-enter an existing well bore to test multiple zones for oil and gas with potential helium content. Successful results at the two planned Worsley locations are expected to augment the Company's current oil production and cash flow to help facilitate ongoing exploration priorities.
"We are pleased to be moving ahead with these lower risk operations at our Worsley property to add potential production and cashflow." said Ed Bereznicki, President & Chief Executive Officer of First Helium. "The Peace River Arch geology allows us to take a differentiating, multi-commodity approach to our exploration program. Since coming on stream, our oil wells have generated over $12,500,000 in revenues which we've deployed to fund our ongoing helium exploration and development activities," added Mr. Bereznicki.
Worsley is a historically active oil & gas exploration area that is very attractive for multi-product exploration, including oil, helium, and natural gas. The given area geology provides multi-zone and multi-product target exposure with each drill. This sets the Company apart from other helium competitors. To date, the Company has enjoyed a 100% success rate in drilling its first two Leduc oil discoveries. These locations along with the 15-25 helium discovery help confirm the Company's exploration model and strategy for the trend. The Leduc oil wells were brought into production expediently utilizing the Company's Worsley Oil Battery and water disposal well facilities.
An evaluation of the Company's proprietary new 3D seismic program, which is on trend with, and within the same reef complex as the Company's three successful wells, has resulted in 3 similar potential drilling targets for Leduc oil, and natural gas with potential helium content. In addition, First Helium has identified 12 other highly prospective multi-zone, oil, helium and natural gas exploration and development opportunities across its extensive Worsley land base. This includes two re-entry candidates for oil, and gas with potential helium content, that have been prioritized for drilling, given capital availability.
Successful exploration and development of these multi-zone and multi-product opportunities has the potential to add significant value and cash flow to the Company for ongoing exploration and development activities. The Company has identified other regions where its proven multi-commodity approach to helium exploration can be applied.