Global Helium Corp. announced that on September 18, 2023, the Company successfully drilled, logged and cased its first potential helium well at 09-04-12-04W4 ("09-04"), situated on the farm-in land block of Perpetual Energy Inc. (Perpetual) within the Manyberries, Alberta helium trend. Given positive preliminary indications of commercial helium production potential, HECO will commence completion and production testing of 09-04 in the coming weeks.

With the drilling of this initial well, HECO has completed the first step in earning on the farm-in block of eight sections. Perpetual will retain a 25% working interest in the project and collect a 7% Lessor Royalty on the Company's 75% share. Prior to December 1, 2023, HECO has the option to drill a second well to earn the additional nine sections, under the same terms as the initial well.

The second well, once drilled, will also trigger the option to lease as announced on January 10, 2023, allowing the Company to lease up to an additional 32 sections of land on the Manyberries trend with their new joint venture partner. HECO is currently securing surface access and permits for the licensing of the second well.