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

First Helium Contingent resources report | Discovery well 15-25
Volumes |
||
Helium |
Natural Gas |
Natural Gas Liquids |
323 |
12,632 |
372 |
Net Present Values |
||
0% |
5% |
10% |
$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 |
$340 / mcf |
$400 / mcf |
$500 / mcf |
$600 / mcf |
$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
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.