Exploration has officially begun for First Helium (TSXV: HELI). The company this morning revealed it has begun exploratory drilling on its flagship Worsley Property, near to its existing discovery well.
The well to be drilled by the company is expected to yield similar production results as its discovery well, which has tested at 1.3% helium concentration at 2.0 million cubic feet per day of raw gas. That well also tested at 65% natural gas, which is expected to also be sold by the company, with a portion to be used for power generation.
Once completed, the well is expected to be shut in until such time that it can be tied in to a production and processing plant. A timeline for the completion of the well was not provided, nor was a timeline for the future construction of the processing facility, which is still in need of funding.
First Helium last traded at $0.24 on the TSX Venture.
Information for this briefing was found via Sedar and First Helium. 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.
