Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, provides an update on its exploration activities, including the results of its recent joint well and plans for future drilling.
The joint well drilled at 7-2-4-9W3M (the “7-2 Well”), in which HEVI holds a 20% working interest alongside its partner, North American Helium Inc. (“NAH”), has reached total depth. Following a thorough evaluation, the decision was made to suspend the cased hole portion of the well, which allows for flexibility to re-enter the well at a later date to explore additional targets via a sidetrack.
Looking ahead, NAH has notified the Company of its intention to drill another joint well in the Mankota area, to be located at 10-1-4-9W3M (the “10-1 Well”). The 10-1 Well is anticipated to spud in the coming days. This initiative is part of the previously announced development plan for up to nine wells in the Mankota area, detailed on April 2, 2024.
HEVI is pleased to confirm its participation in the drilling of the 10-1 Well, with the Company holding a 20% working interest. The estimated total cost for HEVI’s share in the 10-1 Well is approximately $0.4 million net and is supported by HEVI’s strong working capital position, which totaled $4.7 million as of June 30, 2024. This continued investment in the Mankota area underscores HEVI’s commitment to expanding its footprint in a promising sector.
Stay Connected to Helium Evolution
Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.
