12:27 PM EST, 01/16/2025 (MT Newswires) -- Helium Evolution ( HEEVF ) on Thursday provided an update on its helium discovery following the completion of the Deadwood zone and initial testing of the 10-1 joint well.

On Dec.16, the company said the 10-1 Well successfully flow tested at approximately 9.5-million cubic feet per day with a flowing tubing pressure of 10,800 kiloPascals during the four-day extended flow period. The gas composition of the 10-1 Well revealed 0.75% helium and 96.3% nitrogen, with the balance comprised of fractional percentages of minor component gases.

Helium concentrations above 0.3% are deemed commercially viable.

HEVI also said its partner, North American Helium, intends to move a second drilling rig into the Mankota area to drill a joint well.

The company holds a 20% working interest in the well; the estimated total cost for HEVI's share in the 12-29 Well is approximately $400,000.

"We are excited by the promising results from the 10-1 Well, which underscore the potential for a large and productive helium reservoir in southern Saskatchewan," said HEVI chief executive Greg Robb.

The company's shares were last seen down $0.005 to $0.145 on the TSX Venture Exchange.

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