Avanti Energy Completes Due Diligence and Signs Definitive Agreement to Acquire ~50,000 Acres of Land for Helium Exploration in Montana
VANCOUVER, BC, Sept. 15, 2021 /CNW/ - Avanti Energy Inc. (TSXV: AVN) (US OTC PINK: ARGYF) (the "Company") is pleased to announce that it has completed its due diligence on the acquisition of Montana properties previously announced on June 14, 2021, and July 22, 2021. Upon completion of satisfactory due diligence, Avanti proceeded to sign definitive agreements for ~50,000 acres of land in Montana that are highly prospective for helium. The Company is moving forward in preparation for drilling activities.
During technical review of the properties, Avanti's team also identified a new four-way structural close to the east and entered into a Letter of Intent to acquire a previously unannounced 4,480 acres.
- Avanti's total land holdings are now ~69,000 acres of potential helium-prospective properties, over which the Company maintains 100% operatorship.
- The properties, referred to as Greater Knappen, feature ten closed structural highs, exhibiting relief of 70m to 170m, that are ideal for the trapping of helium.
- In January 2021, a single competitor well in the immediate area began helium production from the same zones targeted by Avanti's technical team, further validating the Company's model.
- Wells surrounding Avanti's properties have high helium shows in multiple Devonian and Cambrian targets with helium percentages of up to 2% and nitrogen percentages of up to 96%.
"By completing the definitive agreements, Avanti has secured its core Greater Knappen property, a cornerstone to its portfolio approach to land acquisition and exploration," said Chris Bakker, Avanti Energy CEO. Mr. Bakker emphasized, "This property has ten structures with several prospective helium bearing zones to pursue through our 2021 drilling program."
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, the 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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