First Helium Targets Leduc Oil and Gas with Winter Drilling Program

First Helium announced the completion of field surveys and selection of a drilling location for its upcoming Leduc anomaly test well. This well is part of a comprehensive winter program planned for the Worsley project in Western Australia, targeting both oil and helium-enriched natural gas production.

First Helium has selected surface locations for three additional Leduc drill targets identified through 3D seismic analysis. Notably, one of these locations, “7-30,” has been assigned “proved plus probable undeveloped” oil reserves of 196,700 barrels by Sproule, their independent evaluator. Depending on timing and available capital, the company may pursue one or more of these targets this winter.

First Helium's recent financing has enabled them to initiate several key winter operations. A significant Leduc anomaly, identified through 3D seismic data, will be tested in a new well, targeting both oil and helium-enriched natural gas. This anomaly is substantially larger than their previous oil discoveries, potentially leading to production within a short timeframe if successful. Additionally, the company plans to complete and test the previously drilled 5-27 horizontal Blue Ridge well, aiming to establish a repeatable, high-margin helium-enriched natural gas play

The Leduc and Blue Ridge plays, when combined, offer First Helium a tremendous opportunity for future growth and scalability, all within their existing 100% owned land base. Given the project’s vast potential, the company remains open to exploring partnerships to accelerate development.

First Helium has outlined an ambitious winter program for its Worsley project, focusing on both oil and helium-enriched natural gas.

Leduc Formation: The company plans to drill a potentially transformative well targeting oil and helium-enriched natural gas in the Leduc Formation. A successful outcome could lead to production within 2-3 months. Additionally, the well will allow for testing of other formations above the Leduc. First Helium has identified three additional Leduc drill targets, with one location, "7-30," holding estimated "proved plus probable undeveloped" oil reserves of 196,700 barrels.

Blue Ridge Formation: The company will complete and test the previously drilled 5-27 horizontal Blue Ridge well. This move aims to establish a repeatable, high-margin helium-enriched natural gas play, which could attract potential partnerships.

About First Helium

First Helium, led by a seasoned team with expertise in oil & gas, mining, finance, and capital markets, aspires to become a leading independent provider of helium gas in North America. They hold over 53,000 acres along the Worsley Trend in Alberta, where they have focused their exploration and development efforts.

Building upon their successful 15-25 helium discovery well, the company has identified multiple follow-up drilling locations and acquired an extensive infrastructure system to support future endeavors across their Worsley land base. Cash flow from existing oil wells at Worsley has bolstered their ongoing exploration and development strategy. Additionally, further potential oil drilling locations have been identified on their Worsley property.