Vancouver, B.C., May 10, 2021 – Avanti Energy Inc. (TSXV: AVN) (US OTC PINK: ARGYF) (the “Company”) is pleased to announce that it has now acquired a strategic land package under lease from the government of Alberta. The property is highly prospective for potential helium extraction, and the Company is moving forward with a more detailed analysis to identify optimal well locations.
- Multiple surrounding wells have helium shows of up to 2%.
- Previously abandoned wells on the property with high Nitrogen tests from Devonian and Cambrian formations at ~95%.
- A closed structurally high feature with over 75 meters of relief, ideal for trapping of helium, is present over most of the ~2,500-acre property.
- Multiple helium target intervals in the Devonian and Cambrian formations.
- Avanti’s technical team will now move into a detailed evaluation phase to identify optimally positioned well locations.
The newly acquired project resides over an area with a closed structural high that is ideal for trapping helium and multiple helium shows have been identified in and around the property with shows up to 2%. Previously drilled oil and gas wells on the property show high nitrogen content of ~95% in multiple zones. Nitrogen at this concentration is important because it is often associated with producible quantities of helium and the production of helium is a relatively simple process. The technical team is already moving into a more detailed evaluation phase with the goal of drilling exploration wells later this year.
“The acquisition of this property is exciting and fits within our strategy of acquiring targeted land packages that are highly prospective for helium development,” commented Chris Bakker, Avanti Energy CEO. “Because the property has a closed structural high, the detailed analysis done by our experienced technical team shows encouraging helium potential and has a number of promising opportunities,” concluded Mr. Bakker.
Avanti continues to evaluate multiple opportunities across Western Canada and the United States with the goal of building an industry leading helium company with a premier portfolio of prospective lands.
About Avanti Energy
Avanti Energy is focused on the exploration, development and production of helium across western Canada and the United States. Avanti’s professional oil and gas exploration and production team is actively targeting untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries. For more information, please go to the Company’s website at www.avantienergy.com.
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Avanti Energy Inc.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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