12:53 PM EST, 11/27/2024 (MT Newswires) -- First Helium ( FHELF ) on Wednesday said it plans to drill two wells targeting oil reserves at its Worsley property.

The program will include drilling two strategic targets: the company's proven undeveloped (PUD) location at 7-30, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels by Sproule Associates, the company's independent evaluator, and the recently identified 7-15 Leduc anomaly.

The company has initiated licensing for both locations and intends to optimize drilling costs by executing a two-well drilling program in succession.

"Given our focus on near-term cash flow opportunities, we are excited to be proceeding with a two-well program targeting proven undeveloped oil reserves at our 7-30 location and exploring the large Leduc anomaly, 7-15, which is approximately five times the areal extent of our successful 1-30 light oil pool discovery," said First Helium ( FHELF ) chief executive Ed Bereznicki. "This strategic approach allows us to efficiently develop both a proven undeveloped oil opportunity and potentially make a significant discovery at a high-impact exploration oil target while maintaining operational efficiency."

The company's shares were last seen up $0.003 to $0.033 on the TSX Venture Exchange.