TSXV:TOH - Post Discussion
Post by
MarketMakerss on Oct 30, 2023 5:54pm
TOH Appoints Director Robert Johnston as Interim CEO
Rapidly scaling helium producer located in Arizona's helium-rich Holbrook Basin, Total Helium (TOH.v TTLHF) has appointed Robert Johnston, a current Director, as interim CEO of the company, effective immediately.
With extensive geological experience, Johnston established Atalaya Resources, a private oil and gas exploration company in West Oklahoma and the Texas Panhandle, and was Vice President of Apache Corporation where he was responsible for a range of Basins worldwide.
Additionally, TOH has initiated additional completion activities at its Pinta South Project including acidizing 2 of the 7 wells to improve connectivity from the boreholes to the reservoir for enhancing production rates.
This news follows TOH's previously announced update from its 27,000-acre Pinta South Project which boasts remarkable helium concentrations ranging from 5% to 8%, a significant improvement compared to the 3% concentrations seen among other producers.
To date, 19 wells have been drilled with 9 connected to a newly constructed 6-mile pipeline that transports gas to Ranger Development, a third-party processing facility. The production is then being sold to a large industrial gas company via an offtake agreement.
Notably, two of the 9 connected wells have consistently produced 232 Mcf/d with high helium concentrations between 7.58% and 7.83%. During the initial testing phase of three additional wells, total production rose to 450 Mcf/d in line with expectations.
An additional 10 wells are in various stages of completion and pipeline connections.
Furthermore, numerous high-grade drilling locations have additionally been identified and TOH has filed for an additional 28 drilling permits, expected to be approved within the next 30-60 days.
On track to have 30 wells operational by year-end, TOH is making significant progress at Pinta South ahead of its final trajectory to expand operations to encompass over 300 wells.
Posted on behalf of Total Helium Ltd.
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