(Image via VVC Exploration Corporation.)
On Tuesday,
VVC Exploration Corporation (TSX-V: VVC, OTC: VVCVF, Forum) announced that it had drilled two new gas wells on the Syracuse Helium Project, located in located in Hamilton County Kansas, USA, each of which showed two zones of helium gas.
The Syracuse Project initially consisted of 13,440 acres of gas leases located in Hamilton County, Kansas. The team continues to add to the leased acreage on an opportunistic basis with the present total standing at more than 16,000 acres.
All work on the property is being done by VVC’s wholly-owned helium exploration and production company,
Plateau Helium Corporation.
In
a media release detailing this news for investors, VVC President Jim Culver praised the PHC team the business progress made since it was taken over by VVC.
“These two wells mark the beginning of commercial helium and natural gas production in our Syracuse Project. Eight more wells are permitted and being prepped for drilling. In addition to the four helium projects that PHC now has, it continues to look for opportunities in the helium sector. I want to thank the Team for their hard work and VVC’s investors and shareholders for supporting this transformative effort.”
PHC has contracted with TMI Solutions, LLC for engineering and with Eatherly Constructors, Inc to build an internal gas gathering system for the Syracuse Project. PHC continues to acquire additional helium lease acreage as it expands its footprint in the helium business and commences commercial helium and natural gas production at the Syracuse Project.
VVC, a Canadian mining exploration and development company,
began drilling on the first new well at Syracuse on August 2nd, 2021, with drilling completed on August 12th. The well was drilled to a depth of 167 metres (5,500 ft) and encountered two gas zones that showed helium. Drilling of a second well at Syracuse began on August 14th.
President Culver added that with the drilling of these wells, the team is getting closer to generating positive cash flows from the helium business.
“This is the company’s immediate goal, as it will help provide funding to the company's other projects.”
All potentially productive gas zones encountered during the drilling of these wells will be evaluated. If a firm pattern is established one or more additional rigs may be added.
To learn more, visit
vvcexpl.com.
FULL DISCLOSURE: VVC Exploration Corporation is a client of Stockhouse Publishing.