Helium Evolution, an emerging leader in the new helium production market, announced today that it has partnered with Farm-In to drill a second joint well. The companies plan to tap new helium resources at the Helium-3 project in Wyoming.
The Helium-3 project is a joint venture between Helium Evolution and Farm-In, top leaders in the helium production industry. According to Helium Evolution, the well will be drilled and connected to the existing Helium-3 infrastructure, providing an additional source of helium.
The new well is expected to add approximately 150 cubic feet of helium production to theHelium-3 project annually. The helium produced from the well will be used to meet the increasing global demand for helium. This demand has been fueled by the rapid rise in various unconventional oil-and-gas operations, including fracking and shale oil/gas.
Helium Evolution said that the addition of the second joint well will enable the companies to produce more helium with fewer total investments. This will result in a more effective resource management and higher return on invested capital (ROIC).
In addition, the drilling of the second well is expected to generate substantial job growth in Wyoming. The Helium-3 project has already created jobs in Wyoming, and the new well is estimated to create an additional 200 jobs in the region.
Overall, the second joint well promises to improve efficiency and profitability in the helium production industry. Helium Evolution and Farm-In are both excited about the prospects of this new venture and the additional resources that will be brought online. With the second joint well, Helium Evolution and Farm-In will be better positioned to meet the growing demand for helium and deliver significant benefits to stakeholders in Wyoming.