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First Helium Announces Shallow Heavy Oil Discovery
CALGARY, Alberta, March 20, 2025 (GLOBE NEWSWIRE) -- First Helium Inc. (“First Helium&#x...
About this update from First Helium Inc.
[{"type":"text","content":"First Helium Announces Shallow Heavy Oil DiscoveryConfirms Extension of Helium Enriched Natural Gas Play Across Worsley\n\n\n\n CALGARY, Alberta, March 20, 2025 (GLOBE NEWSWIRE) --\n \n First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC)\n \n today announced two discoveries at its Worsley Project:\n \n\n\n Shallow Heavy Oil Discovery\n \n\n\n\n In the recently completed 7-30 well, approximately 50 barrels of 15-degree API oil was recovered in the two calendar days following an acid stimulation, demonstrating vertical well, cold flow heavy oil capability.\n \n\n The 7-15 well, without stimulation, also produced small quantities of heavy oil from the same formation and was shut-in for further evaluation following spring breakup.\n \n\n This discovery confirms the Company’s ongoing evaluation of this zone (“Heavy Oil Zone”), which occurs repeatedly over the Company’s 53,000-acre (~83 square miles) Worsley land base as a potential shallow heavy oil development play. The Company is now proceeding to prepare a plan to develop this potentially large, repeatable play.\n \n\n\n\n\n Helium Enriched Natural Gas Play\n \n\n\n\n Successfully tested the Blue Ridge Formation in its 7-15 well, which flowed natural gas with helium content of 1.0%.\n \n\n Results confirm the eastern extension of the Blue Ridge helium enriched natural gas regional play concept established on the Company’s West Worsley lands.\n \n\n\n \"Our recent drilling program has validated what we've long understood about the multi-zone potential of our Worsley property,\" said Ed Bereznicki, President & CEO of First Helium. “While our primary oil target in the Leduc formation did not test as commercially viable, our secondary target for heavy oil has exceeded our expectations for inflow of cold flow heavy oil from a vertical well bore. We are very excited to proceed with the development of this potentially large, shallow heavy oil play utilizing contemporary horizontal drilling methods. Our initial economic analyses indicate attractive rate of return estimates for a large, lower risk development play,” added Mr. Bereznicki.\n \n\n “In addition to the heavy oil play, we are pleased to confirm the extension of our Blue Ridge helium enriched natural gas ...