First Helium Inc. Provides A Drilling Update
Company has procured all equipment necessary for the construction of the oil battery and expects to bring the 1-30 well into full production in early February. First Helium expects to commence production of light oil from 1-30 at an estimated rate of 400 barrels per day, with expected field netbacks of CAD 45.00 to CAD 50.00 per barrel based on a current WTI price of CAD 68.00 to CAD 73.00 per barrel, which is anticipated to provide ongoing operating cash flow for the Company in mid-Q1. In connection with its March year end, the Company will commission an independent reserves evaluator to prepare an NI51-101 compliant reserve report for 1-30, including a net present value of estimated oil reserves. Lastly, the Company will continue to explore alternatives to maximize the value of 1-30 to further the Company's helium exploration and development strategy.