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) | 7.6 | 10.9 | 12.9 |
| Net to Valence (18,959 net acres) | 5.2 | 7.4 | 8.5 |
| Net to GGE (earning 85% of Valence) | 4.4 | 6.3 | 7.2 |
| Red Project Total | 7.9 | 20.8 | 57.6 |
Please review our investor presentation for more information