17:10:41 EDT Sun 19 May 2024
Enter Symbol
or Name

Avanti Helium Corp
Symbol AVN
Shares Issued 68,050,957
Close 2023-01-25 C$ 0.78
Market Cap C$ 53,079,746
Recent Sedar Documents

Avanti Helium's WNG 10-21 well flowing at 20 mmcf/d

2023-01-25 10:19 ET - News Release

Mr. Chris Bakker reports


Avanti Helium Corp.'s WNG 10-21 helium appraisal well has now been completed and the final total gas rate from the Flathead Cambrian zone has been measured in excess of 20 million cubic feet per day at 1,250-pound-per-square-inch surface pressure after 72 hours of cleanup. The well, located at the company's Greater Knappen, Montana, project, was flowed up seven-inch casing through a one-inch choke.

Avanti chief executive officer Chris Bakker commented: "We knew the helium percentage at the WNG 10-21 well was excellent. Having the flow rate come in at more than double our most optimistic projected rate is truly fantastic. This is an incredible success for Avanti and I am particularly happy for our team who can now boast of a perfect success record of helium discovered in all three of our wells."

The gas consisted of 1.0 per cent helium, with primarily nitrogen, with minor methane and CO2 (carbon dioxide) making up the remainder. The choke size was increased several times up to the final one inch, with no pressure drop or formation fluid seen. Avanti is currently running production tubing and downhole pressure gauges, which will be followed by further production testing, pressure buildup and flow test analysis.

The WNG 10-21 well was drilled one kilometre west and 50 metres down structure of the company's WNG 11-22 helium discovery well. As there was no formation water encountered, the company has yet to define the size limit of this pool. Avanti's independent evaluator, McDaniel & Associates, will be updating the company resource report based on the new well results.

Significance of the WNG 10-21 drilling results

Flow rate, surface pressure and helium concentration result in an estimated 200,000 cubic feet of net helium, making this well one of the most prolific helium wells drilled compared to all known Canadian and northern U.S. helium pools in the last 20 years.

Update on facilities

In addition, the company has been advancing engineering design and evaluation on production facilities. These results will help finalize investment decisions and design capacity sizing. Individual well production rates will be determined based on facility capacity and wellbore design.

Change of auditor

The company has changed its auditor from Davidson & Co. LLP to Deloitte LLP, effective Jan. 25, 2023. Avanti's audit committee and board of directors have approved the resignation of the former auditor and the appointment of the successor auditor as the new auditor of the company, effective Jan. 25, 2023.

There were no reservations or modified opinions in the former auditor's reports in connection with the financial statements of the company for the company's most recent fiscal year and any subsequent period, and there are no reportable events, as defined in the National Instrument 51-102, Continuous Disclosure Obligations, between the company and the former auditor.

In accordance with National Instrument 51-102, the notice of change of auditor, together with the letter from the former auditor and the successor auditor, has been reviewed by the company's audit committee and board of directors and has been filed on SEDAR accordingly.

About Avanti Helium Corp.

Avanti Helium is focused on the exploration, development and production of helium across Western Canada and the United States. Avanti's professional oil and gas exploration and production team is actively targeting untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries.

We seek Safe Harbor.

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