Business
First Helium Brings 1-30 Well On-Stream Ahead of Schedule
First Helium Brings 1-30 Well On-Stream Ahead of Schedule Canada NewsWire ...
About this update from First Helium Inc.
[{"type":"text","content":"\n \n \n \n First Helium Brings 1-30 Well On-Stream Ahead of Schedule\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 Production Averages 435 Barrels Per Day Over First 8 Days\n \n \n \n \n \n \n \n \n \n \n \n TSXV: HELI   FRA: 2MC\n \n \n \n \n CALGARY, AB\n \n ,\n \n Feb. 1, 2022\n \n /CNW/\n \n – First Helium Inc. (\"First Helium\" or the \"Company\")\n \n (TSXV: HELI) (FRA: 2MC), today announced that the\n \n \"1-30\"\n \n light oil well commenced production on\n \n January 23\n \n \n rd\n \n and has delivered an average production rate of 435 barrels per day (\"bbls/d\") over its first eight days of operation. The 1-30 is located on First Helium's 100-per-cent-owned, 79,000-acre\n \n Worsley\n \n landholdings in\n \n Northern Alberta, Canada\n \n .\n \n \n \"Cash flow from the 1-30 well will be deployed to accelerate the exploration and development of helium gas across our 79,000 acre Worsley Trend,\" said\n \n Ed Bereznicki\n \n , President & CEO of First Helium. \"We believe that our shareholders will benefit greatly from First Helium's strengthened financial position, as our team executes on the vision to become a leading independent provider of helium gas in\n \n North America\n \n ,\" added Mr. Bereznicki.\n \n \n With construction of the 1-30 Oil Battery completed ahead of schedule, oil production from the 1-30 well commenced on\n \n January 23\n \n \n rd\n \n , 2022. First Helium expects to realize field netbacks of CA$55.00 to CA$60.00 per barrel based on a current WTI price of\n \n US$80.00\n \n to\n \n US$85.00\n \n per barrel, which is anticipated to provide ongoing operating cash flow for the Company beginning in late February. The Company has entered into a rolling monthly marketing arrangement with a large, credit-worthy counter-party to market its oil production volumes. Assuming an average daily production rate of 400 bbls/d, this represents initial net field level cash flow of over CA$600,000 to the Company on a monthly basis. Ongoing d...