CALGARY, AB, Jan. 24, 2022 /CNW/ - Avanti Energy Inc.
(TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to
announce that it has completed initial open hole logging and drill
stem testing (DST) on the Company's first helium well, Rankin
01-17, on its 100%-owned Greater Knappen property, located in
Montana.
The Rankin 01-17 well was successfully drilled to a depth of
5,860 feet and encountered all the targeted zones for helium
potential. Open hole logging indicated five zones with reservoir
characteristics (good porosity and low water saturation) suggesting
further testing is warranted. Drill stem tests were performed to
high-grade zones for completions and two of the targeted zones
showed economic helium potential. Subject to further analysis
and lab results, the preliminary DST information encourages
completing the zones identified for helium. Completions and
production testing will determine the economic viability of the
well. The Rankin 01-17 well is being cased to total depth, and the
rig is moving to WNG 11-22, the Company's second well location in
Greater Knappen. 3D seismic over the WNG 11-22 location has allowed
the technical team to map the Precambrian highs which indicates
structural closure over all three target zones.
"The team is excited to have completed our first exploration
well in Greater Knappen," commented Ali
Esmail, Avanti VP Engineering. "Our initial analysis
has demonstrated that there is potential for economic helium
production in two of the three target zones. Following
additional analysis by the technical team, our completions
program will further define the economics of the
well as we continue to develop the economic potential of
Greater Knappen."
About Greater Knappen Area:
- ~69,000 acres of potential helium-rich properties
across both Montana and
Alberta.
- Technical team has identified 17 drilling targets in the core
Greater Knappen area.
- 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.