(NewsDirect)
Helium Evolution (TSX-V:HEVI) CEO, GregRobb joined Steve Darling from Proactive to share news the company hasshared exciting news regarding the company's partnership withNorth American Helium.
Their jointwell project, known as Joint Well #2, has recently been spudded onlands held jointly in Mankota, Saskatchewan. The well is strategicallylocated approximately six kilometers north of HEVI's previouslydiscovered helium reserves at 2-31-2-8W3.
Helium Evolution plans to actively participate in the drillingof Joint Well #2, exercising its 20% working interest. The estimatedcost for the company's involvement is approximately $0.4 millionnet. This endeavour is backed by Helium Evolution's robust workingcapital position, which stood at $7.8 million as of September 30,2023.
This significant developmentcomes on the heels of Helium Evolution's announcement of its firsthelium discovery in Joint Well #1. Comprehensive testing was conductedon Joint Well #1 to confirm flow rates, define reservoir boundaries,and analyze gas composition.
Theresults showed helium concentrations of 0.95%, which is more thanthree times the commercially viable level of 0.3%. Additionally, thegas composition consisted of 96% nitrogen, with fractional percentagesof minor component gases making up the remainder.
These discoveries and ongoing projectsposition Helium Evolution as a key player in the helium market, withthe potential to contribute significantly to the global helium supply.
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