Quantum Helium Limited said on Sunday it has advanced testing at its Sagebrush helium project in Colorado, identifying several new drill targets while finalizing engineering assessments following an extended production test.
The Sagebrush-1 well, in which Quantum holds a 90% working interest, delivered helium concentrations of approximately 2.5%, consistent with historic results. The well showed rapid pressure recovery, reaching more than 70% of estimated virgin pressure within four days after the test, which was completed earlier this year. The company also reported commercial oil discoveries in the Leadville Formation during the evaluation.
Quantum has identified multiple prospects across its Sagebrush and Coyote Wash acreage, including Little Ute SE, Yellow Jacket SE, Mariano Wash SE, Lula, and Sagebrush East. The Lula prospect is interpreted as a potential multi-billion cubic feet gas accumulation with helium concentrations estimated at 1–2% or higher. The company holds a 100% working interest in Coyote Wash and plans to fund upcoming work from existing cash resources.
The company is preparing permit applications for two oil targets within Sagebrush—Little Ute SE and Yellow Jacket SE—based on seismic and geological evaluations. Three additional prospects—Mariano Wash SE, Lula, and Sagebrush East—were also identified for future drilling programs. Quantum noted that a larger stimulation treatment is planned to enhance contact with the natural fracture network, with final recommendations expected shortly.
Separately, Quantum’s application for an OTC Markets listing in the United States remains in good standing, with the review process nearing completion. The company expects confirmation of the anticipated listing date in the near term.
The updates follow an independently assessed gross 2U helium resource estimate of 1.104 billion cubic feet at Sagebrush and Coyote Wash.
