CALGARY,
AB, Feb. 17, 2022 /CNW/ -
Avanti Energy Inc. (TSXV: AVN) (OTC: ARGYF) (the
"Company") is pleased to announce the Company has received
additional data for both Rankin 01-17 and WNG 11-22 on its Greater
Knappen property, located in Montana.
Highlights from WNG 11-22
The
pre-completion Drill Stem Test results for WNG 11-22 well saw a
flow rate of 2.6 MMscf/day and 600 psig surface pressure from the
primary target zone, the Flathead Sandstone. This zone showed
35ft of net pay with porosity up to 16%, and low water saturation.
Multiple gas samples from the Flathead sandstone were sent to the
lab for analysis. They confirmed the presence of 1.05% helium and
98% nitrogen resulting in a gas-stream that can be easily refined
into high-grade sales quality helium.
The secondary target in the Souris River
formation showed 42ft of net pay with porosity of up to 16%, and
helium concentrations of 1.1% based on multiple samples. The
company expects significant upside from the Souris River after
completing the well. The WNG 11-22 well confirmed the presence of a
potentially large helium reservoir over a twin structure in Greater
Knappen. The Company will be evaluating additional appraisal and
development well locations to be drilled over the structures.
Highlights from Rankin 01-17
Rankin
01-17 well showed some drilling induced formation damage. Flow
rates are likely to significantly improve once the well is
completed and stimulated. The Primary target zone is in the Souris
River Formation with two intervals totalling 35ft of net pay with
porosity of up to 17%. Gas analyses showed helium concentrations up
to 0.41% indicating potential economic volumes. The Company is
evaluating completions plans to clean up the formations for proper
flow testing, and further evaluation.
"The Avanti team is very pleased to announce the
interim results of our first two wells," commented Chris Bakker, Avanti CEO. "While the
initial data is impressive, we note that future completions
operations are expected to significantly improve the deliverability
of both the WNG 11-22 and Rankin 01-17 wells. The team had
identified up to 10 prospective structures in its Greater Knappen
property and, due to the WNG well penetrating a structure with a
twin, the work to date has shown potentially economic helium in
three structures with seven remaining to investigate. The
upside potential of Greater Knappen will be further explored
through the next set of drilling locations which we expect to
announce in the coming months."
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.