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First Helium Announces "4-29" Light Oil Discovery at Worsley
First Helium Announces "4-29" Light Oil Discovery at Worsley Canada NewsWire ...
About this update from First Helium Inc.
[{"type":"text","content":"\n \n \n \n First Helium Announces \"4-29\" Light Oil Discovery at Worsley\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 Significant Additional Production Revenue Anticipated in Q2/2022\n \n \n \n \n CALGARY, AB\n \n ,\n \n March 23, 2022\n \n /CNW/ -\n \n First Helium Inc. (\"First Helium\" or the \"Company\")\n \n (TSXV: HELI) (OTC: FHELF) (FRA: 2MC), today announced that it has drilled, completed and tested the Company's second exploration well on the Company's Worsley Property (the\n \n \"4-29\"\n \n ).  Upon completion of well operations, the 4-29 well flowed 467 barrels per day (\"bbl/d\") of ~35 -degree API light oil from the Leduc Formation, representing an oil cut of 67% over a test period of 48 hours on a minimal drawdown. First Helium is preparing to bring the 4-29 well into production in early Q2 2022.\n \n \n \n \n \n \n \n \n \n \n Preparations are underway to perform a minor expansion at the Company's existing oil facility to put the 4-29 well into production, with first cash flow expected by mid-second quarter of 2022;\n \n \n Oil production from the well will be transported by truck to select receipt terminals and marketed via third-party marketing agreements; and\n \n \n Cash flow from the well will be deployed to accelerate the exploration and development of helium gas over the Company's 79,000 acres of land along the Worsley Trend as well as cover ongoing corporate costs.\n \n \n \n \n \n Management Commentary\n \n \n \n \n \n Ed Bereznicki\n \n , President & CEO of First Helium stated, \"We are extremely pleased with the performance of our second discovery well, the 4-29. Given current commodity pricing of approximately WTI\n \n US$85\n \n to\n \n US$90\n \n per barrel, and our estimated field netbacks of CA$82 to CA$88 per barrel, we expect the well to pay out in approximately 4-6 months.\" Mr. Bereznicki added, \"Based on the current implied production trading multiples for Canadian light oil producers, this well represents a significant potential increase in a...