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Altura Energy Corp. (TSXV: ALTU,OTC:TTLHF) (FSE: Y020) (the "Company") is pleased to announce the initial two recompletions were successful and resulted in the re-establishment of helium flow to the onsite processing plant. Once processed, the helium is being sold to an offtake partner at a contracted price of US$350mcf, less deductions for plant maintenance.
Well #1 and #2 were completed on November 7th and 13th respectively. Since completion, both wells have shown positive signs of long-term helium production with stable downhole pressures and initial 12-hour flow rates of 123mcf/day of gas from well #1 and 118mcf/day from well #2. Helium concentrations are indicated to be between 5% - 8% based on initial flow results from the processing plant, however, the Company is currently scheduling a gas analysis to be conducted on the wells.
"Since these wells have had no work done to them after being drilled in 2020, I was pleasantly surprised by the state of the wells and the positive pressure signs they are showing now that recompletion work has finished," says Ashley Lastinger, CEO of the Company.
The Company is currently monitoring the wells on a day-to-day basis and evaluating the maintenance efforts required, if any, for long-term helium production. The Company has contracted a team of engineers and experienced field personnel tasked with ensuring consistent helium production from the two wells and will be on site daily for the foreseeable future.
The Company is currently evaluating three additional wells on the property to be completed once the gas analysis is finalized on the initial two wells. The analysis and initial well monitoring will help the Company understand the geology and helium flow characteristics in more depth before the recompletion of additional targets, ensuring efficient use of capital.
ABOUT Altura Energy CORP
Altura Energy Corp. is an exploration and production company with interests in the Holbrook basin of Arizona. For more information, please visit SEDAR+ (www.sedarplus.ca).
FOR FURTHER INFORMATION
Robert Johnston, Chairman
+1 604-609-6110
Forward-Looking Statements
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the receipt of disinterested shareholder approval in respect of the issuance of Performance Warrant Shares, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275273
