TSXV: HELI     OTCQX: FHELF    FRA: 2MC

TWO PREMIUM HELIUM PROJECTS


WORSLEY AREA

  • Contiguous 60,000 acres, 100%-owned
  • Recent acquisition of 25,000+ acres concentrates exploration land inventory near successful discoveries
  • "15-25" discovery well tested 1.3% helium, “Sproule” independently evaluated
  • “14-23” test well sets up for potential regional play on existing land base
  • Two oil discovery wells "1-30" & "4-29" on-stream, provide cash flow and increase asset value
  • Total Proved plus Probable gross reserves of 505,100 barrels of light oil

LETHBRIDGE AREA

  • 276,000 acres
  • 60% covered by 3D seismic
  • First well targeted for drilling in 2023
  • Near existing helium production and new discoveries

group 167

 

 


First Helium Contingent resources report | Discovery well 15-25

 

Volumes

Helium
mmcf

Natural Gas
mmcf

Natural Gas Liquids
mbbl

323

12,632

372

Net Present Values

0%
$MM

5%
$MM

10%
$MM

$78,282

$32,158

$15,243

Sproule Associates Ltd. (“Sproule”) Report Unrisked Best Estimate Contingent Resources

  • Capital required: $10.5MM for single well facility to produce Discovery Well
  • Helium pricing assumption: constant $340/mcf adjusted for transportation
  • Other product pricing: Sproule March 31, 2021 forecast

NPV 10%

$300 / mcf
$MM

$340 / mcf
$MM

$400 / mcf
$MM

$500 / mcf
$MM

$600 / mcf
$MM

$12.1

$15.2

$19.9

$27.7

$35.5

 

Sproule Unrisked Best Estimate Contingent Resources

  • Sensitivity to helium pricing prepared by First Helium Management
 

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15-25 Helium Discovery Well at Current Helium Market pricing plus Sproule NI 51-101 Proved + Probable Reserves1 Evaluation of over 500,000 barrels Light Oil with NPV10 of ~$25mm totals over $50 - 60 mm in NPV10 before 14-23 well and upside from exploration upside at Worsley & Lethbridge.

1. See First Helium’s Final Prospectus dated June 28, 2021, filed on First Helium’s SEDAR profile at www.sedar.com for additional information.

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