VANCOUVER, BC, June 26, 2023 /CNW/ - Total Helium Ltd. (TSXV: TOH) (OTCQB: TTLHF) (FRA: Y02.F) ("Total Helium" or the "Company") is pleased to provide a follow-up operational update on its Pinta South Project in the Holbrook Basin of Arizona.
Following the successful construction of a six-mile pipeline and connection of five wells to the helium processing facility, as reported last month, Total Helium announces significant advancements in well production, pipeline, and future wells.
First 15 Wells
The Pinta South Project now features a total of 15 wells, with seven wells actively producing helium. The remaining eight wells are in various stages of completion, and once connected to the pipeline, will significantly increase Total Helium's helium production capacity, thereby generating increased revenue.
Out of these 15 wells, Total Helium retains a 20% working interest in two wells and a 50% working interest in the remainder, including the five additional wells now actively producing helium. Importantly, Total Helium has partnered with a leading multinational industrial gas and chemicals manufacturing company to fund the pipeline expansion on the Pinta South project.
(See photos of wells and drilling operations)
Pipeline Updates
Total Helium has established a compressor station and a 6-mile underground pipeline to connect the new wells to the helium processing facility. The compressor station will ensure adequate pressure for higher helium flow rates to the processing plant. Further updates regarding flow rates will be provided as production stabilizes.
(See photos of pipeline installation)
Soil Sample and Next Wells
Although the shallow Shinarump formation is the primary target within the field, the Company is also targeting high impact sand channels and deeper formations wells at minimal additional costs. If successful, these wells are expected to significantly enhance production rates. For reference, the 20% owned two producing wells are "sand channel" wells and have produced 243,700 MCF (28-1 NS Well) and 179,000 MCF (27-1 NS Well) with 8% helium over the past three years.
A comprehensive soil gas survey has been completed to detect areas within the field with elevated helium levels, indicative of the presence of these sand channels and deeper formations that may have significant upside potential. This survey has enabled Total Helium to optimize future drilling locations.
(See photos of soil gas sampling)
A drilling rig is currently on site and prepared to drill the next 3 Shinarump wells, pending permitting which is expected within the next week. Of the next 3 wells, 2 will be drilled deeper to evaluate the soil sample anomalies with elevated helium concentrations. While the cost to drill deeper is minimal, there is higher upside potential.
CEO of Total Helium, Robert Price, stated, "These achievements are noteworthy, marking the first time Total Helium has successfully brought wells online post-acquisition of the Pinta South Project. Total Helium congratulates its team members and its partners for bringing these wells online in a timely manner consistent with its goal of developing the Pinta South field quickly, efficiently and cost effectively."
Total Helium is a helium production company with a mission to bring a stable supply of domestically produced helium to support the many high tech industries that rely on this important element. The Company's main footprint includes helium producing assets in the prolific Holbrook Basin of Arizona, where its wells produce at 5-8% helium concentrations. Total Helium is contributing to meeting domestic industrial demand for helium with one of the greenest supplies of helium available on the market.
On behalf of the Board,
Robert B. Price, Director and CEO
Total Helium Ltd. - www.totalhelium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE Total Helium Ltd
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