Global Helium abandons exploration project near Lake Diefenbaker, will focus on area near the Hat
By Medicine Hat News on August 22, 2024.
@MedicineHatNews A helium company with interests near Medicine Hat says an exploratory joint venture near Lake Diefenbaker has been abandoned and it can now focus capital on developing an underground discovery of the element near the Hat. Global Helium officials told the News this spring that volumes found at well sites southeast of Dunmore make further investment in production facilities attractive. At the same time, the Calgary-based firm had applied its Saskatchewan rights to a joint venture with sector standout North American Helium that would see the other firm drill wells in exchange for an interest in Global’s land base. Global announced this week that the well – located south of Riverhurst on the east side of Lake Diefenbaker – had reached target depth but would be abandoned by North American. “Results of the Test Well confirm the company’s strategy of preserving capital and de-risking exploration assets through joint venture, while allocating capital to HECO’s proven assets on the Manyberries trend in Alberta,” reads a statement referring to the geology under southeast Alberta. North American announced further projects in western portions of southwest Saskatchewan that are independent by the agreement with Global, including plans for field development north of Gull Lake. 8-7
