12:20 PM EST, 12/12/2024 (MT Newswires) -- First Helium ( FHELF ) , on Thursday said it received regulatory approval to proceed with the drilling of its proven undeveloped (PUD) 7-30 well location.

"With drilling license in hand for the 7-30 PUD location, we are moving ahead to secure the required services necessary to drill both our 7-30 PUD well along with our high impact Leduc anomaly, 7-15," chief executive Ed Bereznick saidi. "With success, the combined oil potential from these two operations would provide immediate cash flow and meaningful near-term value for our shareholders. It would also set the stage to execute on ten additional, highly prospective lower risk drilling locations."

Each of the 10 Leduc drilling locations also has the potential to encounter one or more of up to six additional shallower formations/zones, which have been historically proven to produce oil and helium-enriched natural gas along the Peace River Arch at Worsley, Alberta, the company said..

First Helium ( FHELF ) shares were last seen up $0.005 to $0.045 on the TSX Venture Exchange.