11:44 AM EDT, 05/09/2024 (MT Newswires) -- Royal Helium ( RHCCF ) on Thursday said it began licensing and permitting for the #1 exploratory helium well at the Forty Mile project in southeastern Alberta.

Acquired under a seismic review option agreement with an independent private vendor, the Forty Mile project is comprised of 7,000 acres and hosts one historic well that was drilled and tested in various horizons, the company said.

According to the statement, the results of the original show well rival the best Cambrian helium discovery wells to date in Alberta, Saskatchewan, and Montana. Royal has completed seismic work and has multiple defined drill targets. Spud date will be announced once licensing is complete and a drilling rig is secured under contract.

The company's shares were last seen down C$0.005 to C$0.07 on the TSX Venture Exchange.