First Helium Inc. announced plans to test key exploration targets at the Company's 100% owned Worsley property in Northern Alberta, along with key corporate activities, in the second half of 2024. The Company's Worsley Property encompasses more than 53,000 acres of 100% owned land along a trend of sizeable, past producing helium enriched natural gas pools. This includes the 15-25 helium discovery well, with an independently evaluated resource of 323 million cubic feet of helium along with numerous multi-zone targets for helium, oil, and natural gas. The Company has established several key priorities over the next three to six months to advance the Worsley project area, including: Drilling the newly identified large Leduc feature - A successful oil well would be tied into existing infrastructure and brought into production in approximately 3 - 4 months. The Company would plan to bring a successful natural gas with associated helium well into production in conjunction with First Helium's 15 ­ 25 helium discovery; Completing and testing the drilled, 100% owned 5-27 horizontal helium well at West Worsley - A successful test will establish a large, repeatable natural gas play with associated helium content that will generate significantly increased cash netbacks when compared to a typical natural gas play. The project's potential scale and enhanced profitability will serve to attract partnership opportunities; and Re-entering and completing an existing vertical well bore to potentially expand the company's regional play, enabling further project growth and scalability. The timing and execution of the above operations will be dependent on capital availability. Leduc Formation Targets: First Helium has identified twelve vertical drilling targets in the Leduc Formation based on ou
new 3D seismic interpretation. In addition to 5 potential drill locations on the large, recentl identified anomaly, these targets also include one drilling location (7-30) which was assigne
"proved plus probable undeveloped" oil reserves of 196,700 barrels3 by Sproule, its independent evaluator.