“Both of these plays are tremendously scalable and lead to compelling growth for our shareholders,” said CEO Ed Bereznicki.
Bereznicki said the company is focused on two key areas at the Worsley project: the Leduc formation, where it has identified 12 primary drill locations, and the Blue Ridge formation, where a horizontal well is set to be completed and tested.
“The large anomaly that we’ve identified on 3D, proprietary 3D seismic, the work we’ve done suggests that this is a large oil pool of up to a million and a half barrels. Potentially, if successful there, we would be able to bring that oil into production within a couple of months, and generate cashflow for the company immediately,” Bereznicki said.
First Helium is targeting over $100 million in annual revenue within the next three to five years.
“We’re going to complete a small equity financing that will allow us to do two operations. The first one is to drill the large anomaly … and then the second would be to complete and test the horizontal well in the Blue Ridge formation. We’d like to undertake both of these operations this quarter, or at least into this winter drilling season,” added Bereznicki.
As the helium market heats up and undergoes transformation as new applications emerge, he pointed out that helium’s role is expanding within “high tech, particularly in the artificial intelligence space and quantum computing.”
First Helium is also looking beyond its existing operations at potential strategic partnerships to help the company accelerate the development of its existing 53,000 acre, 100 percent owned land base, the CEO said.
Watch the full interview of First Helium CEO Ed Bereznicki above.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs,
Leave a Reply