Helium Evolution, a leading provider of integrated helium drilling services, has announced a Farm-In partner that will enable the company to drill a second joint well in the Powder River Basin, Wyoming.
The joint well is located in the northern portion of the basin and is expected to provide input to Helium Evolution’s helium resource projects. The Farm-In partner is an experienced oil & gas investor, with significant operations in the region.
The well will be drilled using Helium Evolution’s patented near-surface helium evacuation technology. The unique technology enables helium to be quickly and efficiently extracted from the basin.
Helium is a valuable commodity and is used for a variety of applications including providing lift for airships, MRI imaging, and the sealing of generator turbines. This latest venture will potentially help Helium Evolution to generate more revenue by exploiting its unique and valuable technology.
The company has deployed a state-of-the-art drilling rig in the area for this venture. It uses advanced pump down technology and directional drilling capabilities to access and drill the target reservoir.
The process of helium extraction is complex but this Farm-In partner brings significant expertise to the situation. The partner will be able to consider a range of technical challenges and develop strategies to optimise the cost-effectiveness of the operation.
The agreement will be preceded by a joint joint comprehensive engineering and operational review. This should determine whether the project is economically and technically viable.
This latest venture represents a significant milestone for Helium Evolution and will hopefully fuel its growth in the future. The company is confident the second joint well will prove a successful venture and will provide a unique opportunity to produce further helium resources.