Helium Evolution, Ltd., a joint venture of Helium Evolution Inc. and JVC Resource Limited, recently announced that they have reached an agreement for a farm-in partner to drill their second joint well in a shale gas play in the USA. The company stated that the farm-in partner will have full access to the acreage and operate the well.
The well is being drilled on the same acreage as the company’s first joint well, which was drilled in 2018. According to Helium Evolution, the second well will be used to appraise the existing well and increase the resource potential of the acreage.
Helium Evolution is focused on locating and developing profitable resources of conventional and non-conventional hydrocarbons in key areas of the USA and around the world. With the help of their farm-in partner, the company hopes to further evaluate their acreage and identify any potential resources.
Helium Evolution’s joint venture partner, JVC Resources, is helping to finance the projects. JVC is a Calgary-based firm specializing in energy investments and exploration and production.
The farm-in partner selected by Helium Evolution is Plutonic Energy Corporation, a Nevada-based corporation whose mission is to develop heliophiles (helium-rich) energy resources in an economically and environmentally responsible manner. Plutonic Energy Corporation is already involved in the development of the acreage, and the addition of a well to the acreage is a positive move for Plutonic Energy as well.
The agreement between Helium Evolution and Plutonic Energy Corporation is expected to benefit both companies as well as the acreage, allowing them to combine their knowledge and expertise to efficiently and effectively develop the acreage. With the right resources, the acreage could become a valuable asset for the companies.
Helium Evolution is pleased to have found a farm-in partner that can help develop its acreage and the company looks forward to the ongoing collaboration between the two companies. The addition of a second joint well to the acreage is an important step forward in the development of the acreage and Helium Evolution is excited to move forward.