Business
First Helium Acquires Production Infrastructure and Additional Lands at Worsley Project
First Helium Acquires Production Infrastructure and Additional Lands at Worsley Project ...
About this update from First Helium Inc.
[{"type":"text","content":"\n \n \n \n First Helium Acquires Production Infrastructure and Additional Lands at Worsley Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The Acquired Assets are Expected to Accelerate the Company's Commercial Development\n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 15, 2021\n \n /CNW/ -\n \n First Helium Inc. (\"First Helium\" or the \"Company\")\n \n (TSXV: HELI) (FRA: 2MC), a helium exploration company with access to significant development opportunities across western\n \n Canada\n \n , is pleased to announce that it has closed on two separate transactions (the \"\n \n Acquisition\n \n \") with private, third-party companies (the \"\n \n Vendors\n \n \") to acquire an aggregate of 40 kilometers of natural gas gathering pipeline assets (the \"\n \n Pipeline Assets\n \n \"). The Acquisition was made for total consideration of\n \n $25,000\n \n in cash and the assumption of future abandonment and reclamation liabilities of up to\n \n $200,000\n \n . It is subject to normal regulatory approvals.\n \n \n \n \n \n \n \n \n \n The Acquisition also included 1,920 acres (1,690 net) of land and two suspended wells, one of which is being evaluated for re-activation based on 0.83% of helium content in historical testing.  The other well, which historically produced over 45 Bcf of raw gas at approximately 1% helium content, is tied into the gathering system and is centrally located near a main, third party, natural gas sales transmission line. It will provide the Company with expanded operational flexibility in the site planning of its helium processing facility.\n \n \n \"Closing of the Acquisition accelerates the commercial development of our helium project at\n \n Worsley\n \n ,\" said\n \n Ed Bereznicki\n \n , President & Chief Executive Officer of First Helium. \"The opportunity to acquire this extensive infrastructure package represents a tremendous savings in time and\n \n $6\n \n -8 million in upfront capital cost, as well as provides us with the main gathering line that we requ...