Avanti CEO
The gas consisted of 1.0% Helium, with primarily Nitrogen, with minor Methane and CO2 making up the remainder. The choke size was increased several times up to the final 1", with no pressure drop or formation fluid seen. Avanti is currently running production tubing and downhole pressure gauges which will be followed by further production testing, pressure build-up, and flow test analysis.
The WNG 10-21 well was drilled 1 kilometer west and 50 meters down structure of the Company's WNG 11-22 Helium discovery well. As there was no formation water encountered, we have yet to define the size limit of this pool. Avanti's independent evaluator,
Significance of the WNG 10-21 Drilling Results
Flow rate, surface pressure and Helium concentration result in an estimated 200 Mcf/d of net Helium, making this well one of the most prolific Helium wells drilled compared to all known Canadian and northern
Facilities Update
In addition, the Company has been advancing engineering design and evaluation on production facilities. These results will help finalize investment decision (FID) and design capacity sizing. Individual well production rates will be determined based on facility capacity and wellbore design.
Change of Auditor
The Company also announces it has changed its auditor from
There were no reservations or modified opinions in the Former Auditor's reports in connection with the financial statements of the Company for the Company's most recent fiscal year and any subsequent period, and there are no "reportable events", as defined in the National Instrument 51–102 – Continuous Disclosure Obligations, between the Company and the Former Auditor.
In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the letter from the Former Auditor and the Successor Auditor have been reviewed by the Company's Audit Committee and Board of Directors and has been filed on SEDAR accordingly.
1 Source: Data sources from geoSCOUT database |
The information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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