Quantum Helium Limited said on Sunday it has completed an extended production test at its Sagebrush-1 well in Colorado, confirming a helium concentration of approximately 2.5% and achieving more than 70% of estimated virgin reservoir pressure within four days.
The London-listed explorer also identified commercial oil in the Leadville Formation during the test, while finalizing an engineering assessment to guide further development. Quantum holds a 90% operating interest in the Sagebrush Project and a 100% interest in the adjacent Coyote Wash area.
The company is preparing permit applications for two new oil targets—Little Ute SE and Yellow Jacket SE—both located in the Ismay formation and identified through seismic and geological analysis. Quantum also outlined three additional prospects: Mariano Wash SE within the Coyote Wash area, Lula adjacent to Sagebrush, and Sagebrush East within the existing project boundary. Lula is interpreted as a potential multi-billion cubic feet gas accumulation.
Quantum said the upcoming program will deploy a larger-scale stimulation treatment to enhance contact with the natural fracture network, with funding to come from existing cash resources. Final recommendations are expected shortly.
Separately, Quantum’s application for a U.S. OTC Markets listing remains in good standing, with the review process nearing completion and the expected listing date confirmed.
As of August 21, Quantum Helium’s shares closed at 2.30 GBP, down 8.00% from the prior session.
