Voyager Life PLC - Perth, Scotland-based supplier of CBD products - Says Kansas-based M3 Helium Corp has commenced drilling of its sixth vertical well at the Hugoton North Play site in Kansas. Drilling costs will be paid for out of the proceeds of $500,000 loan facility provided by Voyager to M3, a portion of which will be subject to shareholder approval and Voyager’s upcoming annual general meeting. Voyager has an option to acquire M3 through the issue of 57.6 million shares to M3 shareholders. Drilling costs expected to come in about 10% below than budgeted $300,000.
Voyager Chief Executive Officer Nick Tulloch says: ‘We were clear when we announced our proposed acquisition of M3 Helium last week, along with the associated fundraising, that our intention was to use these funds in part to drill a further vertical well at the Hugoton North Play. To be able to commence activities in under a week surpasses our own expectations and I hope illustrates the near term opportunity that we have. The rapid completion of last week’s fundraising has enabled the team in the US to move fast to secure the rig and, through savings on logistics, we are confident that this new well will come in comfortably below budget.’
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