Helium Evolution spuds first well; executes deal with North American Helium

Canadian helium exploration and production company Helium Evolution has spud its first helium well at its McCord property in Southern Saskatchewan.

Dubbed HE-1, the well is expected to take approximately 15 days from the spud date to reach total depth of approximately 2,670 meters targeting the Deadwood formation.

gasworld understands HE-1 well located targets a structural high, a geological characteristic typically associated with high concentrations of helium.

Greg Robb, President and CEO of Helium Evolution, said, “Spudding our first well at McCord is another significant milestone for HEVI.”

“The HEI-1 drill represents one of six locations already identified on the McCord property in our inaugural drilling campaign.”

“Our drilling programme is a critical step in successfully proving up our acreage at McCord and supporting our broader commercialisation plans.”

“As a result of our farmout agreement, HEVI’s programme will be complete by North American Helium drilling, 100% funded wells across other land blocks in HEVI’s portfolio, with the view of validating the prospective nature of our overall helium land base.”

Earlier this month (9th June), Helium Evolution entered into a farmout agreement with North American Helium, through which North American Helium will drill a total of five wells on three predetermined blocks of land in Saskatchewan.

For each well drilled, North American Helium will earn a 80% operated interest in the section on which the well was drilled plus nine continuous sections of land adjoining to the well, up to a maximum of 32,000 acres.