VANCOUVER, BC, July 22, 2021 /CNW/ - Avanti Energy Inc. (TSXV: AVN) (US OTC PINK: ARGYF) (the "Company") is pleased to announce that it has entered into an agreement to acquire 15 new Montana gross sections with multiple structural closures. The new sections are in addition to Montana lands acquired earlier this year (see press dated June 14, 2021) that are highly prospective for potential helium extraction. The Company is moving forward to complete final due diligence.
The additional sections of land have multiple structural closures.
The sections contain several closed structural highs, ideal for the trapping helium, that exhibit ~80m to >200m of relief.
Multiple target zones in the Devonian and Cambrian, and with excellent reservoir quality.
Adjacent wells to the north of the acreage in Canada have helium shows up to 2% and nitrogen up to 96%.
The Avanti team has been finalizing the title review and due diligence over its ~50,000 acres of land in Montana (see press release dated June 14, 2021) and during its continuing technical evaluations identified additional lands with significant structural closures for trapping helium to bring into the Company's property portfolio. The Company's geological models suggest the newly acquired sections have excellent reservoir potential in multiple target zones. The agreement is conditional to Avanti satisfactorily completing the due diligence on the land rights and ownership, which is already underway.
"The acquisition of these sections is very exciting and fits within our strategy of acquiring targeted land packages that are highly prospective for helium development," commented Chris Bakker, Avanti Energy CEO. "This property is a bolt-on to our Greater Knappen core land package and adds to the multiple closed structural highs we have already assembled. Building on very promising local analogue well results, our detailed analysis indicates strong potential for development of helium across Greater Knappen."
Avanti continues to evaluate multiple opportunities across Western Canada and the United States to build an industry-leading helium company with a premier portfolio of prospective lands.
About Avanti Energy
Avanti Energy is focused on the exploration, development and production of helium across western Canada and the United States. Avanti's professional oil and gas exploration and production team is actively targeting untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries. For more information, please go to the Company's website at www.avantienergy.com.
The information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Avanti Energy Inc.
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