Considering the key announcement made by Global Helium Corp. (OTC:HECOF) on April 8, it is likely that the company will be on the radars of many investors this morning. Yesterday, the company announced that it had entered into a seismic review option agreement with the firm North American Helium, Inc. North American Helium is a privately held company involved in the production, exploration, refining, development, and marketing of helium in the North American market.
Due to the agreement, it could be possible for Global Helium Corp. to advance the development of its Saskatchewan land base while taking care of the up-front costs of exploration as well as exploration risk. As per the terms of the agreement between the two parties, North American Helium had been granted the right to review the proprietary seismic data from Global Helium Corp. related to the majority of the exploration permits of the latter in Saskatchewan.
It was also revealed that North American Helium had until October 1, 2024, to drill a test well and incur all the related costs for the same. However, Global Helium Corp. would have the choice of participating in the testing and completion of the well with a working interest rate of 20%. Up until the deadline, North American Helium would also have the option of terminating the option altogether. Additionally, it would have until that date to complete the survey of a minimum of 20 kilometers of fresh seismic data on the applicable land permits belonging to Global Helium Corp.
The Chief Executive Officer of the company, Jesse Griffith, spoke about the latest development yesterday. He noted that everyone at the company was excited about the partnership that had been made with North American Helium. He concluded by stating that the agreement would allow it to deploy the expertise and financial clout of North American Helium to speed up the development of its lithium assets in Saskatchewan.
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