CALGARY, AB, Feb. 9, 2022 /CNW/ - Avanti Energy Inc.
(TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to
announce that it has successfully completed the initial testing on
its second helium well, WNG 11-22, on its Greater Knappen project,
located in Montana.
Open hole logging of WNG 11-22 confirmed excellent reservoir
quality sand in all three target zones. The Basal Cambrian sand
exhibits 35ft of net pay with porosity up to 16%. The Souris
River has two intervals totalling 42ft net pay with porosity up to
18%. DST (Drill Stem Test) results indicated all three zones
showed potentially economic helium concentrations. Subject to
further analysis and lab results, the preliminary DST results
encourage completing these zones.
"The technical team is thrilled that WNG 11-22 confirmed our
second play concept in Greater Knappen," commented Genga Nadaraju, Avanti VP – Subsurface. "We are
very happy with the initial results, as we saw excellent reservoir
quality in the Cambrian and the Devonian formations with high
potential helium shows. We are looking forward to completing and
testing our first two wells. Avanti expects to resume
drilling additional targets in the coming months."
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.
The Company has engaged Advanced Media Solution Ltd. to provide
strategic digital media consulting and corporate brand marketing
services. The Company has agreed to a budget of one hundred
fifty thousand (US) for six-months and may wish to continue with
Advanced Media but is under no obligation.
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.
Website: 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.