Quantum Helium Limited said it has completed an extended production test at its Sagebrush-1 well in Colorado, confirming a helium-bearing gas concentration of approximately 2.5% and rapid pressure recovery to more than 70% of estimated virgin pressure within four days.
The London-listed explorer, which holds a 90% working interest in the Sagebrush Project and 100% in the adjacent Coyote Wash acreage, said the test also identified commercial oil in the Leadville Formation. Quantum is finalizing an engineering assessment following the test, with plans to employ a larger stimulation treatment to enhance contact with the natural fracture network. Funding for the next phase will come from existing cash resources, and final recommendations are expected shortly.
The company is also preparing permit applications for two oil targets in the Ismay formation—Little Ute SE and Yellow Jacket SE—based on seismic interpretation and geological evaluation. Three additional prospects have been identified: Mariano Wash SE within the Coyote Wash acreage, Lula adjacent to Sagebrush, and Sagebrush East within the existing acreage. The Lula prospect is interpreted as a potential multi-Bcf gas accumulation with helium concentrations of approximately 1–2% or more.
Quantum separately noted that its independently assessed gross 2U helium resources stand at 1.104 billion cubic feet at Sagebrush and Coyote Wash. The company’s application for an OTC Markets listing in the United States remains in good standing, with the review process nearing completion and confirmation on the anticipated listing date expected shortly.
Quantum Helium closed at 2.30 GBP on August 21, down 8% on the day.
