(Alliance News) – Mendell Helium PLC on Friday issued an update on M3 Helium Corp’s Rost 1-26 well in Fort Dodge, and on drilling at the Jasper well in Nebraska.
The stock was flat at 2.25 pence per share on Friday on the Aquis Stock Exchange in London.
The Perth, Scotland-based helium producer said that at the Rost well, preparations are ongoing for de-watering operations, which it expects to start in early September.
Delivery times have been confirmed and the “larger items” are “already in place”, Mendell said, with four water tanks on site and a catwalk installed between them. It expects the remaining “major equipment” to arrive either next week or by early September.
Once production starts, Mendell said it expects to ship helium at around 75% purity.
Furthermore, Mendell confirmed that operations have started at the Jasper well. It said it expects testing to cost less than USD100,000, including lease acquisition and drilling expenses, and continues to anticipate that drilling will be completed by the end of this month.
The results of the drilling “will determine the location’s suitability for Bitcoin mining,” the company said.
“During the onsite preparations, the path of a fibre optic cable was found to be just a few yards from the lease boundary, which, if it can be easily accessed, will enhance the location’s appeal for a Bitcoin mining operation,” Mendell added.
Mendell reiterated that it has an option to acquire Kansas-based M3 Helium, and that the two firms have agreed to extend the date on which this should be exercised to September 30, as announced in late June.
“In what has been a very busy week for M3 Helium, it is pleasing to report that M3 Helium remains on track for the two ongoing projects in Kansas and Nebraska,” commented Chief Executive Nick Tulloch. “The logistical exercise of assembling the final surface equipment for Rost is coming together and timings for the Jasper well are just as planned.
“We are entering a very exciting time for M3 Helium, and I look forward to providing updates on the projects.”
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