Quantum Helium Ltd (AIM:QHE) has reported that oil production from its Sagebrush Project, in Colorado, generated gross revenue of US$108,288 in the first quarter, giving the helium-focused group continued near-term cash flow as it advances testing and development work across its US portfolio.
Gross oil production for the three months to 31 March 2026 totalled 2,482 barrels, compared with 2,645 barrels in calendar Q4 2025. Revenue was reported before royalties, taxes and operating costs, while the average realised oil price was US$57.44 per barrel against a 2025 average of US$52.20.
Oil prices remained supported during the quarter, particularly in March, as geopolitical tensions in the Middle East added volatility to global energy markets, the company highlighted, whilst noting that its oil sales remain unhedged.
Meanwhile, the company said Sagebrush-1 is currently dedicated to an extended production test programme, with production from other Sagebrush wells continuing as normal.
Overall, Q2 field production is expected to be lower than recent quarters, while the Sagebrush-1 test remains underway, it added.
The company separately said it is investigating options for a potential secondary OTC listing in the United States, though it remains at an early stage and no decision has yet been made.
