CALGARY, AB, Jan. 27, 2022 /CNW/ - Avanti Energy
Inc. (TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased
to announce that earlier today the Company's second helium well,
WNG 11-22, was spudded on its Greater Knappen property, located in
Montana.
The WNG 11-22 well is expected to take approximately 14 days to
reach a total depth of ~5,400 feet. The location exhibits a
structural high with the potential for multiple pay zones and is
the second exploration well targeting distinct structures in both
the Devonian and Cambrian formations. This well is located
within the area covered by quality 3D seismic data Avanti acquired
from one of Canada's largest oil
and gas producers (see press release dated September 23, 2021).
"We are excited to test a second play concept in Greater
Knappen," commented Genga Nadaraju,
Avanti VP – Subsurface. "WNG 11-22 is geologically distinct from
our first well and with success it opens the possibility for
additional drilling targets that can be identified through our 3D
seismic."
Greater Knappen Area Highlights:
- ~69,000 acres of potential helium-rich properties across both
Montana and Alberta, over which the Company maintains 100%
operatorship.
- 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.