RED Helium project

The Red Helium project is located in Utah, in the prolific proven helium producing Four Corners area of the US. The project has a gross unrisked P50 Prospective Resource of 10.9 bcf recoverable helium (independently estimated), with over 29,000 acres leased

Maiden pure-play helium exploration well Jesse-1A discovery made in June 2022 returning 1% helium to surface, exceeding pre-drill expectation.

Potentially company-making helium well Jesse-2 planned for Q1 2023, with the ability for near immediate production and monetisation of a commercial success, based on an existing gathering system and binding helium offtake agreement.

Prolific Location

  • Helium-Prolific Four Corners area
  • Drill Friendly Utah
  • 250,713 acre AMI, > 29,000 acres leased
  • Proximal to dedicated infrastructure
    • 20 miles to 2 of 8 US helium plants
  • Pipeline connected to Lisbon helium plant
    • Mar ’22 Helium Offtake Agreement
    • Helium Price ~$605/mcf
    • Mar ‘22 Strategic Alliance

De-Risked Geology

  • Known Geology, 315km quality 2D seismic
  • Vintage wells within AMI proved:
    • Trap, Seal, Reservoir Presence, Gas Charge, Helium system within AMI
  • 4 independent mature prospects
    • 2 drill ready locations
    • Deeper under-explored potential
  • Jesse-1A Key Objectives:
    • Helium Presence / Concentration
    • Reservoir Effectiveness / Flowrates

Large Resource

  • Red Structural Closure
    • 4 – 5 times Doe Canyon
  • Doe Canyon Analog, 15 miles to East
    • 3 – 5 bcf anticipated helium production
    • High rate gas wells: Avg. IP ~20mmcfd
    • Average helium grade 0.5% with upside
    • = high helium flow rates
  • Dec’21 Maiden Helium Prospective Resource
    • Gross P50 unrisked 10.9bcf

Maiden Prospective Resource December 2021

Recoverable Helium (bcf)P90(1U)P50(2U)P10(3U)
Gross to Valence (28,046 gross acres)7.610.912.9
Net to Valence (18,959 net acres)
Net to GGE (earning 85% of Valence)
Red Project Total7.920.857.6

Please review our investor presentation for more information

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