Voyager Life PLC - Perth, Scotland-based manufacturer, supplier and retailer of cannabis health and wellness products - Says production begins at the Smith and Nilson helium wells in Kansas owned by acquisition target M3 Helium Corp. The wells are located outside of the core part of the Hugoton gas field in the so called transition zone. In testing, Smith and Nilson produced 174 pounds per square inch and 180psi of hellium respectively. In June, Voyager announced an option to acquire M3. The company has an interest in six helium wells in Kansas.
Nick Tulloch, chief executive officer of Voyager, says: ‘Bringing the Smith and Nilson wells into production is a significant step forward for M3 Helium. The Hugoton gas field is one of the best known sources of helium in the world and, with substantial opportunity to drill further wells in this highly prospective region, M3 Helium now has proof of concept as it looks to further expand its assets.
‘From Voyager’s standpoint, our ultimate focus has always been to build our business to become cash flow positive. The rate of progress and development milestones already achieved by M3 Helium - in just a few weeks since we announced the proposed acquisition at the end of June 2024 - gives our management team great confidence that the business we are seeking to acquire can realistically deliver this objective.’
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12-month change: down 57%
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