CALGARY,
AB, July 18, 2022 /CNW/ - Avanti Energy
Inc. (TSXV: AVN) ( OTC: ARGYF) (the
"Company") is pleased to announce that it has received
a drilling permit from the Montana State Oil and Gas Board for the
WNG 10-21 appraisal well to be drilled into the WNG helium pool in
the Greater Knappen Region of Montana.
The WNG 10-21 appraisal well is located approximately 1
kilometre west of the Company's WNG 11-22 helium well and 50 metres
down dip. Geological and seismic modelling show similar
characteristics to the WNG 11-22 well and by delineating down
structure from WNG 11-22 the Company hopes to further define and
expand the WNG helium pool. The WNG 10-21 will be drilled to ~5,500
feet and will target both the Flathead Cambrian Sandstone and
Souris River zones for helium production. The Company is proceeding
with lease construction with the target to spud the WNG 10-21 well
in early September.
"After recently bringing forward Avanti's initial resource
report, we are pleased to have a line-of-sight to drilling the
appraisal well, that will further define the reservoir and
resource," commented Chris Bakker,
Avanti CEO.
New VP Engineering
The Company is also pleased to announce the addition of Mr.
Cam Buss, VP Engineering, a role
previously held by Ali Esmail.
This position leads the Company's engineering work,
including drilling and completions, facilities, reservoir and
operations. Mr. Buss is a professional engineer with 28
years' experience. Mr. Buss worked for Encana (now Ovintiv) for 25
years taking on roles up to Senior Manager in both upstream and
midstream oil & gas. His broader experience includes oil &
gas development, long range planning, infrastructure planning and
design, production operations and completions engineering. He is
driven by performance in meeting and exceeding targets and
continually innovating. Mr. Buss attended the University of Alberta and received a bachelor's
degree in chemical engineering.
Mr. Bakker said, "Along with Genga
Nadaraju, VP Subsurface, I have worked with Cam in various
roles for over a decade and I am very pleased to welcome him to the
team. As the Company grows into the development stage, his
experience will be extremely valuable. We are grateful for
the significant contributions made by Ali
Esmail andwould also like to thank him for his
professionalism in transitioning the role to Cam. We wish him
the best in his next commitment."
Facilities Engineering Update
The pre-FEED (pre- front end engineering design) is almost
complete. Journey Engineering has requested proposals from
various vendors to determine what technologies are available to
compare indicative pricing for facility equipment. In
addition, Journey Engineering is also assessing the helium recovery
efficiencies of each technology. The goal for the end of this
pre-FEED stage is to align on the best technology vendor to engage
to allow for the best long-term economics to continue to the FEED
(front end engineering and design) stage. The Company is targeting
to have the first helium production facility up and running in Q2
of 2023.
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.