VANCOUVER, BC, July 22, 2021 /CNW/ - Avanti Energy
Inc. (TSXV: AVN) (US OTC PINK:
ARGYF) (the "Company") is pleased to announce that it
has entered into an agreement to acquire 15 new Montana gross sections with multiple
structural closures. The new sections are in addition to
Montana lands acquired earlier
this year (see press dated June 14,
2021) that are highly prospective for potential helium
extraction. The Company is moving forward to complete final
due diligence.
Highlights:
- The additional sections of land have multiple structural
closures.
- The sections contain several closed structural highs, ideal for
the trapping helium, that exhibit ~80m to >200m of relief.
- Multiple target zones in the Devonian and Cambrian, and with
excellent reservoir quality.
- Adjacent wells to the north of the acreage in Canada have helium shows up to 2% and nitrogen
up to 96%.
The Avanti team has been finalizing the title review and due
diligence over its ~50,000 acres of land in Montana (see press release dated June 14, 2021) and during its continuing
technical evaluations identified additional lands with significant
structural closures for trapping helium to bring into the Company's
property portfolio. The Company's geological models suggest
the newly acquired sections have excellent reservoir potential in
multiple target zones. The agreement is conditional to Avanti
satisfactorily completing the due diligence on the land rights and
ownership, which is already underway.
"The acquisition of these sections is very exciting and fits
within our strategy of acquiring targeted land packages that are
highly prospective for helium development," commented Chris Bakker, Avanti Energy CEO. "This property
is a bolt-on to our Greater Knappen core land package and adds to
the multiple closed structural highs we have already
assembled. Building on very promising local analogue well
results, our detailed analysis indicates strong potential for
development of helium across Greater Knappen."
Avanti continues to evaluate multiple opportunities across
Western Canada and the United States to build an industry-leading
helium company with a premier portfolio of prospective lands.
About Avanti Energy
Avanti Energy is focused on the exploration, development and
production of helium across western Canada and the
United States. Avanti's professional oil and gas exploration
and production team is actively targeting untapped potential helium
reserves to help meet the increasing global demand for an
irreplaceable and scarce element critical to advanced technology,
medical and space exploration industries. For more information,
please go to the Company's website
at www.avantienergy.com.
Forward-Looking Statements
The information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. The Company cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company's control. Such factors include,
among other things: risks and uncertainties relating to the
Company's limited operating history and the need to comply with
environmental and governmental regulations. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, the Company undertakes no
obligation to publicly update or revise forward-looking
information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Avanti Energy Inc.