First Helium Inc. Brings 1-30 Well On-Stream Ahead of Schedule (TSXV: HELI) (OTC: FHELF) (FRA: 2MC)
Channel: RICH TV LIVE
Date: 01/02/2022

First Helium Inc. Brings 1-30 Well On-Stream Ahead of Schedule (TSXV: HELI) (OTC: FHELF) (FRA: 2MC) -RICH TV LIVE - February 1, 2022 -  #firsthelium #news #richtvlive #trading #stocks
First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), today announced that the "1-30" light oil well commenced production on January 23 rd and has delivered an average production rate of 435 barrels per day ("bbls/d") over its first eight days of operation. The 1-30 is located on First Helium's 100-per-cent-owned, 79,000-acre Worsley landholdings in Northern Alberta, Canada .

"Cash flow from the 1-30 well will be deployed to accelerate the exploration and development of helium gas across our 79,000 acre Worsley Trend," said Ed Bereznicki , President & CEO of First Helium. "We believe that our shareholders will benefit greatly from First Helium's strengthened financial position, as our team executes on the vision to become a leading independent provider of helium gas in North America ," added Mr. Bereznicki.

With construction of the 1-30 Oil Battery completed ahead of schedule, oil production from the 1-30 well commenced on January 23 rd , 2022. First Helium expects to realize field netbacks of CA$55.00 to CA$60.00 per barrel based on a current WTI price of US$80.00 to US$85.00 per barrel, which is anticipated to provide ongoing operating cash flow for the Company beginning in late February. The Company has entered into a rolling monthly marketing arrangement with a large, credit-worthy counter-party to market its oil production volumes. Assuming an average daily production rate of 400 bbls/d, this represents initial net field level cash flow of over CA$600,000 to the Company on a monthly basis. Ongoing delivery of oil for sale began on January 25 th and will continue on a regularly scheduled basis. Revenue from January sales will be received by the Company in late February.

In connection with its March year end, the Company will commission an independent reserves evaluator to prepare an NI51-101 compliant reserve report for 1-30, including a net present value of estimated oil reserves.  Additionally, the Company will continue to explore alternatives to maximize the value of 1-30 to further the Company's helium exploration and development strategy.

First Helium estimates that approximately 20% of the economic Leduc wells along the Worsley Trend have been light oil producers with the balance being natural gas wells containing potentially economic helium. The association of helium with hydrocarbons makes the Worsley area a unique and very attractive area to explore for helium as the Company's exploration risk is mitigated by the potential for additional revenue streams from oil and natural gas. The Company recently announced plans to spud its second exploration well, the 4-29, in mid-February, located approximately 3 km southeast of its 15-25 helium discovery well.

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