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Quantum Helium Limited Provides Update on Extended Production Test At Sagebrush-1 Well in Colorado
Quantum Helium Limited provided an update on the Extended Production Test at the Sagebrush-1 well in Colorado, where the Company holds a 90% working interest, which remains ongoing. The Extended Production Test has been successful in confirming helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation, while generating significant new data to support future development and resource evaluation. Helium concentrations of 2.5% confirmed by laboratory analysis of recovered gas samples - consistent with historical testing and significantly above typical industry concentrations of approximately 0.3% to 1.0%. Acid fracture stimulation successfully established connectivity with natural fracture systems, with pressure build-up reaching approximately 90% of virgin reservoir pressure as measured by downhole gauges. High injectivity confirms the presence of a significant natural fracture system, providing important information for appraisal and development planning. Commercial oil production identified from the Leadville Formation (between 7,250 and 7,360 feet depth) - an unexpected outcome that opens a new hydrocarbon play in the Sagebrush area, with potential rates of up to 40 barrels per day gross to working interest indicated by initial testing results and reservoir analysis over a more than two week period. More than 80 barrels of oil recovered during testing operations to date. Extended Production Test production, pressure and fluid data to be provided to Sproule ERCE for review, including assessment of the newly identified oil potential. Next phase underway - additional perforations and completion modifications to increase reservoir exposure and accelerate further required cleanup, with existing production equipment on site to support longer-term operations. The Company expects to inform flow rate potential from the Leadville following ongoing clean up operations to remove injected fluid. The Extended Production Test at Sagebrush-1 has generated a substantial body of production, pressure and reservoir data from the Leadville Formation. Helium-bearing gas continues to be recovered throughout testing operations, with laboratory analyses indicating helium concentrations of approximately 2.5%, consistent with historical testing and significantly above typical commercial helium concentrations. Other major gas components, including carbon dioxide, nitrogen and methane, are consistent with the original 1993 drill stem test, providing further confidence in the quality of the recovered gas stream. The Company has successfully completed an acid fracture stimulation programme. Analysis of downhole pressure and production data indicates the treatment established connectivity with the natural fracture system and confirmed strong virgin reservoir pressure characteristics, with pressure build-up reaching approximately 90% of virgin reservoir pressure within four days following stimulation, as measured by downhole pressure gauges. Strong gas flows have been consistently observed following swabbing operations. Early recovery of stimulation fluids, spent acid and formation liquids is progressing as expected, with continued cleanup expected to enhance gas deliverability and support improved production performance. Present operations are focused on recovering injected fluids, including spent acid, solvents, additives and load water introduced during stimulation operations. The presence of stimulation fluids and load water within the fracture network currently impacts the Company's ability to accurately assess achievable sustained gas flow rates. Ongoing fluid recovery operations are therefore focused on restoring the reservoir to production conditions and enabling a more representative evaluation of long-term gas deliverability. While cleanup operations are expected to continue for a period of time, gas flow rates are expected to become progressively more representative as fluid recovery advances, enabling the Company to better assess the long-term productive capacity of the reservoir. Testing has also demonstrated high injectivity within the formation, indicating the presence of a significant natural fracture system. A significant and value-enhancing outcome of the Extended Production Test has been the identification of commercial oil production from the Leadville Formation - a result that was not anticipated prior to testing and that has established a new hydrocarbon play in the Sagebrush area, where commercial oil production from the Leadville Formation has not previously been demonstrated. More than 80 barrels of oil have been recovered during testing operations to date. Based on production data and analysis by the Company's technical team, the well may support oil production rates of up to 40 barrels per day gross to the Company's working interest and before royalties following completion of the optimisation programme currently underway, representing a significant addition to the overall value proposition of the Sagebrush Project and broader prospect inventory. The Company believes the identification of oil at Sagebrush may have implications beyond the Sagebrush Project itself and could influence appraisal and development strategies across its wider Colorado portfolio, including the Coyote Wash prospects. With the Extended Production Test now approaching completion, the Company is transitioning towards detailed analysis of the production, pressure and reservoir data collected during the programme. This analysis will assist in determining the optimal development strategy for both helium and oil at Sagebrush and will also provide valuable information for the evaluation of the Company's wider Colorado portfolio. The Company is now implementing the next phase of the testing programme, which includes: Removal of current isolation packer and retrievable bridge plug; Commingling of multiple upper Leadville intervals; Addition of approximately 25 feet of new deep penetrating perforations, increasing total perforated reservoir exposure to approximately 49 feet at a depth of between 7,215 and 7,240 feet. Aggressive fluid recovery operations; and Installation of rod pump and pumpjack equipment to facilitate longer-term fluid recovery and production operations. As fluid recovery and reservoir cleanup continue, the Company expects to be in a progressively better position to assess sustained gas flow rates from the Leadville Formation.