Avanti Energy (TSXV: AVN) is evidently looking to quickly develop its helium property in Montana. The firm this morning spud its second well on the Greater Knappen property, days after having completed its initial testing on its first well on the property.
The latest well, referred to as WNG 11-22, is expected to take approximately two weeks to drill to a total depth of 5,400 feet. The location is said to have the potential for multiple pay zones, targeting structures in both the Devonian and Cambrian formations.
Nearby helium producers are said to have found helium content of up to 2% and nitrogen concentrations of up to 96% in the same structures. Further, helium production is said to have commenced in 2021 by a competitor in the immediate area.
The spudding of the well follows initial testing conducted on Rankin 01-17, the firms first exploratory helium well on the property, which reportedly intersected two zones that show economic helium potential. Further definition of the economics of the well are to occur following additional analysis.
Avanti Energy last traded at $1.37 on the TSX Venture.
Information for this briefing was found via Sedar and Avanti Energy. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
