CALGARY, AB, Dec. 6, 2021 /CNW/ - Avanti Energy
Inc. (TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to
announce that it has received drill permits from the Montana Board of Oil and Gas Conservation to
drill its first three wells in the region of Montana at the Company's Greater Knappen
property.
The initial three wells, Fey 06-33, Rankin 01-17, and Western NG
11-22, will target three separate possible pay zones: two in the
Beaverhill Lake formation and one in the Basal Sandstone formation.
The drilling targets exhibit structural highs with relief up to
150m and plan to be drilled to
a depth of ~1,850m (6,000 feet). Lease construction is underway and
the Company expects to spud the first well in the coming weeks.
Previously drilled wells surrounding Avanti's lands have
high helium shows in multiple Devonian and
Cambrian targets with helium percentages of up to
2% and nitrogen percentages of up to 96%.
"We are very pleased to have been granted our drill permits by
the Montana Board of Oil and Gas
Conservation so quickly following our application and this serves
as another example of why Montana
is a business-friendly jurisdiction," said Chris Bakker, CEO of Avanti Energy.
"Receiving the first three of many drill permits marks another
important milestone for Avanti as we move to quickly advance
Greater Knappen, our first core property. Our technical team
is excited to move forward with our drilling program to confirm our
geological interpretation and realize the helium potential of the
property."
Greater Knappen Highlights:
- ~69,000 acres of potential helium-rich properties across both
Montana and Alberta, over which the Company maintains
100%-ownership.
- 10 closed structural highs, exhibiting relief of 70m to >200m,
that are ideal for trapping helium.
- In 2021 helium production commenced from a well drilled in the
immediate area by a separate company, from the same zones targeted
by Avanti's technical team, further validating the Company's
model.
- Other wells surrounding Avanti's lands have high helium shows
in multiple Devonian and Cambrian targets with helium percentages
of up to 2% and nitrogen percentages of up to 96%.
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.