- PetroSun ( OTCPK:PSUD ) on Friday said it plans to restart drilling operations at its Manuel Seep field for helium, which were previously suspended during COVID lockdowns.
- Drilling is expected to commence during the week of Oct 31.
- Resuming drilling operations will deepen the existing wellbore to its target depth, and the well will then be tested to determine the presence and size of any helium discovery, the company said.
- To fund this, PSUD executed a new convertible financing, which totals ~$1.1M, replacing the share purchase agreement announced on Feb 3.
- PetroSun remains in discussions relating to a number of additional financing options and says its near-term drilling program is "fully funded."
For further details see:
PetroSun resumes helium drilling at Manuel Seep with new financing