The Well is Located Near the Company's
Successful Helium Discovery Well
TSXV: HELI FRA: 2MC
CALGARY, AB, Oct. 20, 2021 /CNW/ - First Helium Inc.
("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), a
helium exploration company with access to significant development
opportunities across western Canada, is pleased to announce that it has
received required licensing from the Alberta Energy Regulator
("AER") to begin drilling its first exploratory well
("First Well") on its core Worsley Property. The Company
expects to commence its helium-focused drilling operations in early
November, 2021.
"The receipt of the license from the AER is an exciting
milestone for First Helium as it allows us the opportunity to build
on the strong results from the Discovery Well," said Ed Bereznicki, President & CEO of First
Helium. "I would like to thank our team members for their hard work
and dedication leading up to this point, as well as our investors
and other stakeholders for their support along the way. First
Helium has a strong foundation and I look forward to begin
producing and delivering helium to market," added Mr.
Bereznicki.
The First Well is located near the Company's discovery well
("Discovery Well"), which was previously tested to contain
1.3% helium content based on a 10-day flow period at 2 million
cubic feet per day of raw gas. The raw gas stream is comprised of
approximately 65% natural gas, which will be produced along with
the helium gas, sold to market and also used to generate power for
facility operations. Assuming the same raw gas flow rate,
approximately 22 barrels of associated liquid condensate will also
be separated, collected and sold to market.
The Company expects that the First Well will be completed and
then shut-in, pending tie-in along with the Discovery Well for
production and processing to a new helium and natural gas
processing facility. First Helium is in the process of soliciting
financing alternatives to fund the cost of the processing facility,
including the possibility of engaging a third-party custom
processor. A detailed geological and geophysical evaluation of the
Company's lands in the vicinity of the Discovery Well, the First
Well and along the broader Worsley Trend has yielded additional
drill locations. First Helium will incorporate the
results from the drilling and testing of the First Well to
strategically pursue these, and potentially new drilling
locations.
ABOUT FIRST HELIUM
First Helium is a helium exploration and development company
operating in the Worsley area of
Alberta, Canada. In response
to the shifting supply dynamics of the global helium marketplace,
First Helium was founded to capitalize on the untapped potential of
significant helium resources in Western
Canada. Building on its successful discovery well, which has
repeatedly production tested at over 1.3% of helium content and 65%
natural gas content, First Helium is working to develop its land
base of over 79,000 acres along the highly prospective Worsley helium trend, and 880,000 acres of
exploration option lands located in southeast Alberta, near existing helium operations. To
establish its operating base, First Helium seeks to market its
helium gas into the North American market via term off-take
marketing arrangements with established third-party distribution
companies.
For more information about the Company, please visit
www.firsthelium.com. The Company's final prospectus, financial
statements and management's discussion and analysis, among other
documents, are all available on its profile page on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Edward J. Bereznicki
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This news release contains certain statements or disclosures
relating to First Helium that are based on the expectations of its
management as well as assumptions made by and information currently
available to First Helium which may constitute forward-looking
statements or information ("forward-looking statements") under
applicable securities laws. All such statements and disclosures,
other than those of historical fact, which address activities,
events, outcomes, results or developments that First Helium
anticipates or expects may, or will, occur in the future (in whole
or in part) should be considered forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of the words "expect", "will" and similar expressions. In
particular, but without limiting the foregoing, this news release
contains forward-looking statements pertaining to the listing of
the Common Shares on the Exchange, the use of funds and the
Company's strategy. The forward-looking statements contained
in this news release reflect several material factors and
expectations and assumptions of First Helium including, without
limitation: that First Helium will continue to conduct its
operations in a manner consistent with past operations; the general
continuance of current or, where applicable, assumed industry
conditions; availability of debt and/or equity sources to fund
First Helium's capital and operating requirements as needed; and
certain cost assumptions.
Forward-looking statements are based on estimates and opinions
of management at the date the statements are made and are subject
to risks, uncertainties and assumptions, including those set out in
the Final Prospectus dated June 28,
2021 and filed under the Company's profile on SEDAR at
www.sedar.com. First Helium does not undertake any obligation to
update forward looking statements, except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
SOURCE First Helium Inc.