Repeat Helium Evolution, a U.S.-based helium development company, recently announced its farm-in partnership with a private energy company to drill a second joint well. The project, located in the Oklahoma panhandle, will seek to increase the development of helium deposits in the area.
The agreement between the two companies involves an initial transfer of non-operating working interest in the property to Repeat Helium Evolution, which will pay the costs of the second well. The company plans to use its own funds to finance the rest of the project.
Helium development has been on the rise in recent years due to its numerous industrial uses in a variety of applications. The medical industry alone depends on helium for its MRI machines, welding operations, and semiconductor production. Repeat Helium Evolution is hoping to capitalize on the increasing demand for this rare natural gas, which is non-renewable and finite.
This farm-in partnership is the latest endeavor for Repeat Helium Evolution in Oklahoma. The company has already drilled and completed its first well, Helios-1, which has produced commercial-grade helium at a rate of three million cubic feet per day (CFD).
Helios-1 is the first commercial helium development project in the panhandle. The localized operations at Helios-1 have enabled the company to avoid the cost and extraction issues that come with remote helium development projects.
The potential of the second well should present a great opportunity for Repeat Helium Evolution. If successful, the company will be able to provide greater access to a commodity it has defined as an economic enabler.
With this new agreement, Repeat Helium Evolution and its partner have proven their commitment to continuing their efforts in helping to bring reliable, economic helium sources to the market. Their farm-in partnership has potential to result in the expansion of helium development in Oklahoma and the U.S., and could provide a much-needed alternative to imported helium sources.
Repeat Helium Evolution, a U.S.-based helium development company, recently announced its farm-in partnership with a private energy company to drill a second joint well. The project, located in the Oklahoma panhandle, will seek to increase the development of helium deposits in the area.
The agreement between the two companies involves an initial transfer of non-operating working interest in the property to Repeat Helium Evolution, which will pay the costs of the second well. The company plans to use its own funds to finance the rest of the project.
Helium development has been on the rise in recent years due to its numerous industrial uses in a variety of applications. The medical industry alone depends on helium for its MRI machines, welding operations, and semiconductor production. Repeat Helium Evolution is hoping to capitalize on the increasing demand for this rare natural gas, which is non-renewable and finite.
This farm-in partnership is the latest endeavor for Repeat Helium Evolution in Oklahoma. The company has already drilled and completed its first well, Helios-1, which has produced commercial-grade helium at a rate of three million cubic feet per day (CFD).
Helios-1 is the first commercial helium development project in the panhandle. The localized operations at Helios-1 have enabled the company to avoid the cost and extraction issues that come with remote helium development projects.
The potential of the second well should present a great opportunity for Repeat Helium Evolution. If successful, the company will be able to provide greater access to a commodity it has defined as an economic enabler.
With this new agreement, Repeat Helium Evolution and its partner have proven their commitment to continuing their efforts in helping to bring reliable, economic helium sources to the market. Their farm-in partnership has potential to result in the expansion of helium development in Oklahoma and the U.S., and could provide a much-needed alternative to imported helium sources.
