Royal Helium (TSXV: RHC) this morning issued a brief press release, identifying that it has completed drill to depth its first helium exploration well. Referred to as Climax-1, the well was reportedly drilled to the target depth of 2,600 metres.
Following drilling, production casing was run on the well and cemented in place. The company will now look to begin testing of the zones of interest through casing, which is expected to take three to four weeks. The well was drilled into what is referred to as the Precambrian basement at the base of the Deadwood formation, which is known to produce helium within Saskatchewan.
The team has now seen the drill on site mobilized to the second drill site, where it will look to begin drilling for well Climax-2 roughly three kilometres to the southeast. The announcement this morning marks the first of three wells that are expected to be drilled under the current program.
Flow tests and gas analyses is to occur over the coming weeks.
Royal Helium last traded at $0.74 on the TSX Venture.
Information for this briefing was found via Sedar and Royal Helium Ltd. 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.
