You win some, you lose some. Helium Evolution reports drilling and abandonment of fifth farmout well

Brian Zinchuk

Brian Zinchuk is editor and owner of Pipeline Online

Helium Evolution’s first well. Photo courtesy Rob Pinckston

CALGARY, MANKOTA – Helium Evolution’s continuing its farm-in strategy with Saskatchewan helium leader North American Helium (NAH), having just drilled their fifth well together. However, that well didn’t work out too well, so to speak.

The well in question was at 6-13-5-7W3, what Helium Evolution (HEVI) refers to as “Test Well Area #2”.

This well was pursuant to a previously announced seismic agreement announced in June and October of 2022. Test Well Area #2 is situated approximately 20 kilometers northeast of the NAH helium discovery at Mankota. NAH is responsible for 100 per cent of the drilling costs for Test Well Area #2, while HEVI retains a 20 per cent working interest in that well.

NAH has also informed HEVI of its intention to amend one of its previously selected locations from 5-36-3-9W3 to 12-36-3-9W3 (“Test Well Area #1”), due to surface issues at the originally selected location. As Test Well Area #1 is now relocated on native prairie with regulatory requirements only allowing drilling access on frozen ground conditions, HEVI has granted NAH an extension of the spud date from the original August 31, 2023 to a date that is on or before Nov. 1, 2023.

Test Well Area #2 was drilled and fully funded by HEVI’s farmout partner, North American Helium Inc. (“NAH”), pursuant to a previously announced farmout arrangement. Helium Evolution reported on Aug. 30 that after reaching total depth, NAH notified HEVI that Test Well Area #2 will be abandoned.

As for future plans, on or before November 1, 2023, the Mankota location selected at 5-36-3-9W3 (“Test Well Area #1”) is scheduled to be spud by NAH. On or before March 31, 2024, the Fox location selected at 11-13-13-29W3 (“Test Well #4”) is scheduled to be spud by NAH.

NAH is responsible for 100 per cent of the drilling costs for Test Well Area #1 and Test Well #4, while HEVI retains a 20 per cent working interest in the wells.

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