Mosman Oil and Gas Ltd (AIM:MSMN) is now counting down to its next helium well in Colorado, as the drill crew is now on the ground at the ‘The Bard’ location.
The drill rig is in the area and will be mobilised once weather conditions allow, Mosman noted.
The Bard will be the second of five planned wells at Vecta, following the success of the Billy Goat well (which the company has agreed to monetise via a royalty deal).
Each of the five wells is targeting a separate structural closure.
At The Bard, nearby ‘offset’ wells have recorded helium concentrations of up to 11% helium. And, notably, the closest, ‘Texaco Cynthia True-1’ has flowed with 8.8% helium from the upper Lyons sandstone zone.
“The drilling at 'The Bard' lease area of the Vecta project is an exciting opportunity to test a second helium target in an area of proven helium development and production,” said Mosman chief executive Andy Carroll.
"Each well location has been carefully selected by the very experienced team at Vecta with special acknowledgement of the work by the late Matt Goolsby.”
Carroll added: "I believe each of these wells has an excellent chance of discovering helium.
“The low-cost drilling of these wells enables data to be obtained quickly and at very reasonable cost."
Mosman holds a 20% working interest in The Bard.