FULL DISCLOSURE: This is sponsored content for Total Helium.
Total Helium (TSXV: TOH) has seen further advancements in the development of its Pinta South Project following the acquisition of the Holbrook Basin-based project last month.
The company has expanded the project to include a total of seven producing wells, an improvement from the two in production when the asset was initially acquired. Eight additional wells are said to be in various stages of completion and awaiting connection to pipeline infrastructure.
Pipeline infrastructure continues to be developed, with a six mile underground pipeline now in place along with a compressor station to support the expansion of the project. The station will enable higher helium flow rates to the processing plant, with further details on such flow rates to be provided once production at the project stabilizes.
READ: Total Helium Connects Five Wells To Processing Facility, Drills Three More
“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,” commented CEO Robert Price.
Further expansion of the Pinta South Project is also currently being evaluated, with Total Helium said to be targeting high impact sand channels and deeper formation wells, which could potentially have a significant impact on production rates. The initial two wells in production on the property have produced 8% helium over the last three years, with production coming from such high impact sand channels.
WATCH: Total Helium: Tackling The Helium Shortage – With Robert Price
A soil gas survey has already been completed in connection with this strategy of targeting deeper formation wells. Two of the next three wells planned for the project are slated to be drilled deeper to evaluate anomalies found within the soil samples.
Permitting for the next three wells is expected to be received within the next week.
Total Helium last traded at $0.47 on the TSX Venture.
FULL DISCLOSURE: Total Helium is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Total Helium. The author has been compensated to cover Total Helium on The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
