First Helium Inc V.HELI

My thoughts after digesting the PR.

[forwardflash]

First Helium, March 23 PR- "the 4-29 well flowed 467 barrels per day (“bbl/d”) of ~35 -degree API light oil from the Leduc Formation, representing an oil cut of 67% over a test period of 48 hours on a minimal drawdown." Latest production numbers May 4th PR- the 4-29 produced 144 barrels per day "  Not good but not a disaster, they continue to work on optimizing production.  In the past their property produced 80% Ng with commercial helium.  Ng has gone up about 400 percent since they acquired the prospect.  Their Ng/He discovery well tested 67% gases, with 22 barrels condensate and 1.3% He.  They also have 4 abandoned wells from a previous operator, with rising Ng and He prices since their drilling some or all may be commercial today, they also have a lot of infrastructure. The light oil discovery was a pleasant surprise, but Ng with He is what this company is about.  However because of spring breakup no news of significance can happen until late June. I'm holding what I have and may add a bit or sell a bit depending on Share price.

[mjh9413]

I have to agree that reporting on the 4-29 left a lot to be desired. Looking at I-30 they at least stated that "First Helium is preparing to bring the 1-30 into production in early Q1 2022 at a daily production rate of approximately 400 bbl/d" but with the second well stated to test flow over 400bopd they made no mention of what to expect when placed on production and I, for one, did not