Helium Evolution Secures Essential Well Licenses

Helium Evolution Incorporated , a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, has announced that its partner, North American Helium Inc. (NAH), has obtained licenses to drill two joint wells in the Mankota area. These wells are part of a previously disclosed development plan for up to nine wells, as announced on April 2, 2024. The licenses cover wells located at 7-2-4-9W3M (referred to as the “7-2 Well”) and 3-19-3-8W3 (the “3-19 Well”). Both wells are delineation wells designed to further evaluate the reservoir potential in the region.

The 7-2 Well, expected to be drilled first, is located near the discovery well at 9-35-3-9W3 (the “9-35 Well”), which was drilled in early 2024. In a previous update on February 26, 2024, HEVI reported that the 9-35 Well had successfully flow-tested at approximately 7 million standard cubic feet per day (MMscf/d) with a flowing tubing pressure of 9,000 kiloPascals over a six-day extended flow period. The gas composition of the 9-35 Well consists of 0.64% helium and 96.7% nitrogen, with trace amounts of other minor gases.

Additionally, a post-flow pressure transient analysis (PTA) conducted on the 9-35 Well, as announced on April 10, 2024, indicated no signs of reservoir pressure depletion or boundaries, suggesting a potentially large and productive reservoir. The PTA also estimated an absolute open flow potential of 13.3 MMscf/d.

Greg Robb, President and CEO of Helium Evolution, expressed enthusiasm about the progress, stating, "We are excited to take these critical first steps in our ambitious drilling program, which is set to begin this fall and winter. We are working closely with NAH to secure licenses for the remaining seven wells and look forward to providing updates on the 7-2 Well, 3-19 Well, and other exploration activities."

Helium Evolution remains committed to advancing its exploration and development plans in the Mankota area, with a focus on unlocking the full potential of its helium resources in collaboration with North American Helium.

Helium Evolution is a Canadian-based helium exploration company, holding the largest land rights for helium among publicly-traded companies in North America. Focused on developing assets in southern Saskatchewan, the company controls over five million acres near proven helium discoveries. This extensive land base supports HEVI’s efforts to scale exploration and development. With a strong management team and board, the company is pursuing a unique strategy to become a leading supplier of sustainably-produced helium, addressing the growing global demand for this essential resource.