Desert Mountain Energy (TSXV: DME) issued an update to shareholders this morning, indicating a number of developments have occurred as of late as it relates to their planned development of certain fields and drilling. The firm also indicated it is inching closer to entering supply arrangements for its helium once operations are online.
As it relates to the development of their McCauley Field, the company has reportedly acquired an additional 40 acres of land which is to be used for the drilling of developmental wells. Further details on the purchase, including financial details, however were not provided by the company.
The firm has also indicated it has begun permitting for the next planned well at McCauley, with governmental approvals still pending.
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In terms of drilling, an arrangement was reportedly made with Drake Well Service, whereby the firm will receive priority use for a top drive drill rig. The priority services are to be provided on the basis that Desert Mountain provides pre-payment for the services. Again, further details were not provided.
Finally, the company has reportedly enter NDA’s with certain end-users for the sale of its helium, while also having completed the necessary filings to sell processed helium to the United States Government. Unsurprisingly, further details were again not provided.
Desert Mountain Energy last traded at $2.09 on the TSX Venture.
Information for this briefing was found via Sedar and Desert Mountain 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.
