Helium Evolution, a leading oil and gas exploration and development company, recently announced the ‘spudding’ of a joint venture well on their property in the State of Nevada.
The process of ‘spudding’ involves drilling a well in the ground, which is the beginning step of oil and gas exploration. The joint venture well with be drilled under the terrestrial agreement between Helium Evolution and their partner. This agreement stipulates the terms and conditions of exploring and development of the well, including parties’ investments, liabilities, and how any revenue is shared.
The well, located on federal land in Nevada, has been described by Helium Evolution as ‘one of the most exciting projects’ they have undertaken, and they are hopeful of a high success rate given the favourable geology of the area. In addition, they have successful drilled several other wells within the same area already, providing added confidence to the project.
The joint venture well is expected to be spudded over four weeks, with readings and observations taken at intervals. This will be followed by the process of setting up the appropriate equipment needed to continue the exploration and development of the well.
Helium Evolution’s CEO stated that they are ‘looking forward to further exploration in Nevada and to the potential of the joint venture well.’
This announcement has been met with great enthusiasm and optimism from the oil and gas industry. The process of spudding marks only the first step in the long process and journey of finding and developing a potential oil and gas resource, which undoubtedly requires much skill and dedication.
This is an exciting project for Helium Evolution and their partner, and looks to be another success story in the making.
Helium Evolution Sparks Joint Well Spudding Excitement
