First Helium CEO Update Highlights Strategic Positioning of Oil and Helium Assets Amid Global Supply Uncertainty

Executive Summary

• First Helium highlighted its strategic North‑American oil and helium assets amid heightened geopolitical supply concerns.
• Recent drilling results include a successful 7‑30 heavy‑oil well (≈50 bbls recovered) and positive helium assays from multiple wells (1.0–1.3% He).
• The company disclosed a $18 M NPV₁₀ for its helium resource, completed FEED for a processing facility, and outlined ongoing development plans and potential financing/partnership opportunities.

Key Details

• Geopolitical Context: Escalating Iran‑related tensions have disrupted Qatar’s major helium plant, increasing focus on secure North‑American supply.
• Charlie Lake Shallow Heavy Oil Project
• Over 30 horizontal locations identified across 10 sections, targeting ~125,000 bbl per well.
• Q1‑2025: Well 7‑30 drilled/completed; acid stimulation yielded ≈50 bbl of 15° API oil in two days.
• Nearby well 1‑30 showed clean oil at surface, supporting formation assessment.
• Helium Project – Key Wells
• 15‑25 (Leduc Formation): Tested natural gas with 1.3% He; development pending processing facility; contingent resource estimate of 323 mmcf He, 12.6 Bcf NG, 372 mbbl NGL; NPV₁₀ ≈ US$18 M (C$500/mcf He).
• 5‑27 (West Worsley – Blue Ridge): Drilled & cased, ready for completion/testing; historic production indicates ~0.8–0.9% He; successful testing could add 31 horizontal locations.
• 7‑15 (East Worsley – Blue Ridge): Located ≈26 km east of 5‑27; tested 1.0% He, confirming regional helium‑enriched gas potential.
• Infrastructure & Engineering
• 46 km of gas pipelines installed to support helium production across the Worsley project.
• Front‑End Engineering Design (FEED) completed for a dedicated helium processing facility (15‑25 well).
• Over 9,600 acres of proprietary 3D seismic at East Worsley with identified 1.7–5.7% He content zones.
• Resource Estimates & Evaluation
• Independent Sproule Associates report (effective 31 Mar 2021) evaluated helium and P&NG contingent resources per NI 51‑101 definitions.
• Contingent resources are not reserves; estimates provided for disclosure purposes only.
• Strategic Outlook
• Company is evaluating partnerships and financing alternatives to accelerate development of oil and helium assets.
• Management emphasizes disciplined advancement of assets to capture value from evolving global energy dynamics.

Notable Quotes

“Recent geopolitical developments are reinforcing the importance of stable, North‑American‑sourced energy and helium,” – Ed Bereznicki, President & CEO.
“Our focus remains on advancing our assets in a disciplined manner while positioning the Company to capitalize on evolving global energy dynamics.” – Ed Bereznicki.