CALGARY, AB, Dec. 30, 2021 /CNW/ - Avanti Energy Inc.
(TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to
announce that it will spud the Company's first helium well today,
Rankin 01-17, on its 100%-owned Greater Knappen area, located in
Montana.
The Rankin 01-17 well is expected to take approximately 14 days
to reach a total depth of ~6,100 feet. The location exhibits a
structural high with the potential for multiple pay zones and is
the first of three exploration wells targeting distinct structures
in both the Devonian and Cambrian formations. Once Rankin
01-17 drilling is completed, the T&S Drilling rig and crew will
move immediately to the Company's second well location in Greater
Knappen.
"Spuddng the first of three appraisal wells in Greater Knappen
is a significant milestone for our Company," said Chris Bakker, CEO of Avanti Energy. "We
have reviewed dozens of opportunities in the past year and selected
this as a high priority area for the Company's inaugural drilling
program. To have assembled the land, completed the internal
systems required to undertake an initial multi-well helium drill
program and be spudding before year end is an achievement of which
the entire team is incredibly proud."
Greater Knappen Area Highlights:
- ~69,000 acres of potential helium-rich properties
across both Montana and
Alberta, over which the Company
maintains 100%-ownership.
- 10 closed structural highs, exhibiting relief of
70m to >200m, that are ideal for trapping
helium.
- In 2021 helium production commenced from a well drilled in the
immediate area by a separate company, from the same zones targeted
by Avanti's technical team, further validating the Company's
model.
- Other wells surrounding Avanti's lands have high
helium shows in multiple Devonian and
Cambrian targets with helium percentages of up to
2% and nitrogen percentages of up to 96%.
Avanti continues toevaluate multiple opportunities across
Western Canada and the United States to build 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.
Forward-Looking Statements
The 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Avanti Energy Inc.