First Helium (TSXV: HELI) has provided some very optimistic updates on well operations at the Worsley Property in SK.
Due to combined periods of precipitation and spring run-off, First Helium’s ability to produce and truck oil volumes at capacity was limited. This led to an expected $700,000 in revenue for the month of May, from a flow rate of ~272 barrels per day.
The company used its unscheduled downtime productively, optimizing the two-well oil battery and performing necessary operations to meet regulatory reporting requirements. Daily production is now up to ~520, barrels per day thanks to the two-well battery returning to routine operation.
Firsts Helium has taken remedial steps to help mitigate future production downtime associated with limited road access to the battery.
The company is finalizing necessary preparations to begin drilling the first of its two recently announced helium targets in July, dependent on satisfactory weather-related field conditions.
$HELI.v is currently trading at $.5, valued at $36.29 million.
https://ceo.ca/@newswire/first-helium-receives-12-million-for-april-oil-production