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Mendell Helium #MDH – Nilson well update & Extension of Option
Mendell Helium is pleased to provide an update on the rapidly growing production at the Nilson well in Kansas, USA owned by M3 Helium Corp. (“M3 Helium”) which is now ranked in the top 1% of producing wells (by volume) in the Hugoton gas field. The Company also announces that, further to the announcement on 1 October 2024, the Company and M3 Helium Corp. (“M3 Helium”) have agreed to extend the date by which the option the Company has to acquire M3 Helium (the “Option”), to 31 March 2025 and provides an update on the proposed acquisition of M3 Helium transaction.
As announced on 27 June 2024, the Company has an option to acquire M3 Helium, a producer of helium which is based in Kansas and holds an interest in nine wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
Highlights
- Nilson production has passed 100 Mcf/day at the start of the week and continues to rise by over 2 Mcf per day
- Based on Scout Energy Partners’ (“Scout Energy”) data, Nilson is in the top 1% of producing wells (by volume) in the Hugoton (Kansas)
- Performance of the well provides evidence of the viability of producing from the Towanda zone, thereby creating a new strategy in the Hugoton field.
- This performance further enhances the potential value of the farm in to Scout Energy’s acreage
Background
On 26 September 2024, the Company announced a second, significantly larger frack, on the Nilson well owned by M3 Helium. This programme was innovatively funded by local investors and one of the contractors who committed US$170,000 in aggregate to cover the costs for a 25% economic interest in the well. The frack injected 210,126 gallons of slickwater along with 128,500 pounds of sand. As far as M3 Helium’s management are aware, this was the Hugoton field’s first large water-based frack stimulation in several decades.
Typically, post-frack production results in an upward spike and then a subsequent decline in the well’s production. However, in Nilson’s case, production has been steadily rising each day. When the Company announced its initial findings on Nilson on 11 November 2024, it reported that the well’s production was increasing by a little under 1 Mcf per day. However, since then, production has been accelerating and, based on the past seven days, is now increasing by over 2 Mcf per day.
At current levels, Nilson is producing a little under 20 Mcf of helium each month (based on a helium composition of 0.6%).
This is illustrated in the graph below:
The Company expects Nilson’s production to continue to grow until water levels within the well reduce. At present, there is insufficient data to determine where the Nilson well might peak but the table below illustrates the well revenue capability between its existing production rate through to higher levels.
| Production(Mcf/day) | 100 | 150 | 200 | 250 | 300 |
| Daily revenue ($) | 285 | 428 | 570 | 713 | 855 |
| Monthly revenue ($) | 8,550 | 12,825 | 17,100 | 21,375 | 25,650 |
| Annual revenue ($) | 102,600 | 153,900 | 205,200 | 256,500 | 307,800 |
The above figures are based on a helium sale price of US$350 per Mcf and a NGL (natural gas liquids) sale price of US$0.75 per Mcf. Helium composition is assumed to be 0.6%.
As with all producing wells owned by M3 Helium (other than Rost), the Nilson well is connected to Scout Energy’s gathering system and, from there, to the Jayhawk processing plant. M3 Helium’s business model delivers gas production from the wellhead to the gathering system with no requirement to separate, refine or otherwise transport the production. Scout Energy accounts for the production to M3 Helium on a monthly basis.
The theory behind Nilson
M3 Helium’s strategy on the Nilson well was based on a “gas bubble theory” or transition zone theory that offers the potential of accessing what could be a substantially untapped gas reservoir below the water level that, to date traditional oil & gas explorers would treat with caution. The Hugoton gas field has been prolific with over 7,000 wells and over 18.5 trillion cubic feet of gas produced. However, conventional drilling focused on the interior of the field where water levels were low and gas production was consistent. As the field has been in production for over 90 years, flow rates in the interior are not as significant as they once were.
The Nilson well has gone some way to prove:
- The Hugoton gas field is not depleted – modern or unconventional techniques can produce significant results
- The lower Towanda reservoir is potentially a significant source of gas and helium
- Sizeable fracks in the tight rock in this part of the Hugoton gas field can yield impressive results
- Water production within the wells is manageable at present
The significance of Nilson’s performance, aside from the value within this well, is that it provides a reference point and a pathway with which to develop other wells in the region, particularly within the farm in agreement with Scout Energy referred to above. With the success of this well, M3 Helium is now exploring the idea of a larger frack on future wells to stimulate even greater production.
The Towanda reservoir
The Hugoton field produces from five different formations (or members) which are collectively called the “Chase Group”. Each of the five members mostly consist of dolomite but there are also lithological and petrophysical elements. Each member progressively dips eastward into a transition zone where gas containing helium and water coexist. That is the target area for M3 Helium and, specifically, the fourth member called Towanda.
The Nilson well’s Towanda formation consists of a 40 foot thick section of dolomite which is likely cherty and tight with shale breaks. M3 Helium’s frack applied methods employed by the shale industry, as opposed to methods applied to conventional gas reservoirs.
M3 Helium believes that the Towanda formation, and each other member, will have its own transitional fairway where significant reserves could be untapped and management believes that the methods being employed will lead to a deeper understanding of the field.
Transaction update
Since the Option was granted, M3 Helium’s business has undergone some significant but very positive developments:
- It has signed a farm in agreement with Scout Energy over 161,280 acres of the Hugoton gas field, one of the largest natural gas fields in North America
- The Nilson well has proved a new strategy for production in the Hugoton gas field
- The Rost well at Fort Dodge, with a 5.1% helium content, has shown potential to be a far higher producer than originally envisaged
- M3 Helium has acquired two further producing wells (Bearman, Demmit) on the western side of the Hugoton gas field in Stanton County, Kansas
Due to the ongoing change to M3 Helium’s activities, the Company and M3 Helium have agreed to extend the date by which the Option can be exercised to 31 March 2025. Terms under the Loan Facility have been correspondingly extended. As previously announced, the exercise of the Option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document (the “Admission Document“). Substantial progress has been made on preparing a competent person’s report for M3 Helium’s assets, including the new opportunities described above.
There are no other changes to the Option which will be exercised through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders. At the current share price, this would value the enlarged group at approximately £3.5 million.
As announced on 6 November 2024, Nick Tulloch, CEO of Mendell Helium, was appointed as Chairman of the board of M3 Helium and the two companies are working closely together both to finalise the exercise of the Option and to continue the ongoing development of M3 Helium.
Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: “Hugoton has been one of the most prolific gas fields in the world, producing for over 90 years. Conventional wisdom is to stay in the centre of the field where production is dependable and water levels are low.
“M3 Helium has challenged – and changed – that conventional wisdom. The Nilson well, located on the eastern edge of the field and drilled into the lower Towanda reservoir has indicated not only that this reservoir is highly prospective for gas and helium but that a significant frack can stimulate production, even with higher water levels. The frack was 10 weeks ago but production at the well is still rising. Already Nilson is one of the best performing wells in terms of gas volume in the Hugoton and, at the moment, is continuing to increase in volume.
“The success of Nilson provides a blueprint for our strategy with respect to the agreed Scout Energy farm in over 161,280 acres in the Hugoton field. This acreage includes land within the transition zone and that is where we intend to focus our resources. Interest from local partners, including a preliminary indication of support from a Kansas bank, gives us confidence that there will be funding available for our operations.
“M3 Helium’s model demonstrates that economic volumes of helium can be produced within an hour’s drive of one of the world’s biggest helium processing plants and with full access to the local gathering system.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Mendell Helium plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693
nick@mendellhelium.com https://mendellhelium.com/ |
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson |
Tel: +44 (0) 1483 413500 |
|
Stanford Capital Partners Ltd (Broker)
Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green
|
Tel: +44 (0) 7976 431608
|
Overview of M3 Helium
Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium has interests in nine wells in South-Western Kansas of which five (Peyton, Smith, Nilson, Bearman and Demmit) are in production. Eight of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.
The nineth well, Rost, is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition. Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.
Mendell Helium #MDH – Update on progress
Mendell Helium is pleased to provide the following overview of M3 Helium Corp.’s (“M3 Helium“) assets following a visit in October 2024 by Nick Tulloch, Chief Executive Officer of the Company, to Kansas, USA.
As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium which is based in Kansas and holds an interest in nine wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
Highlights
M3 Helium has three potential “company maker” projects
- Farm in to Scout Energy Partners’ Hugoton acreage
- 5.1% helium in its high pressure Rost 1-26 well
- “Big frack” at its Nilson well is producing rising flow rates
Farm in to Hugoton acreage
As announced on 6 November 2024, M3 Helium entered into a farm in agreement with Scout Energy Partners (“Scout Energy”) covering 161,280 acres (252 square miles) of the Hugoton field, one of the best known gas fields in the world. The agreement includes a minimum target of 25 new wells but M3 Helium estimates a potential 100 – 200 well opportunity within this acreage.
All production from new wells will be delivered to Scout Energy’s gathering system and the Jayhawk processing facility (which produces 4% of the world’s helium). The offtake is based on a fixed helium price with an annual price escalator based on the consumer price index through to the end of 2029. The partnership with Scout Energy also includes discounted royalties and operating expenses. No payments are due from M3 Helium until drilling commences or 31 March 2025, if drilling has not commenced prior to 31 March 2025 (and there are no penalties on M3 Helium in the event that it does not proceed with the agreement).
In addition, this exclusive agreement with Scout Energy includes a right of first refusal over any other farm outs in Scout Energy’s 1 million acres in Kansas.
Rost 1-26 well in Fort Dodge
M3 Helium’s flagship well, located in its Fort Dodge prospect, was tested by Shamrock Gas Analysis, Inc. as containing a gas composition of 5.1% helium in July 2024. Thurmond-McGlothlin, LLC also tested a well pressure at 302.7 psi in July 2024. The flow rate was measured at 47,100 cubic feet per day (47.1 Mcfd), with this result being achieved even though brine levels were 1,058 feet over the perforations.
As announced on 9 September 2024, M3 Helium commenced the installation of its Pressure-Swing Adsorption (“PSA”) modular processing unit to enable purification of helium onsite along with de-watering the well ahead of production. The latter exercise has led to two conclusions.
Firstly, the likely level of water hauling could be 800-1,000 barrels per day in which case M3 Helium will make use of a nearby former oil well which can be repurposed as a disposal well. Although there will be an upfront cost, this will be more economic, and payback is expected within months.
Secondly, and more significantly, expectations are that potential flow rates from the Rost well could exceed previous expectations. The table below illustrates the well’s revenue capability between its existing production rate through to the maximum capacity of the onsite PSA.
| Production(Mcf/day) | 50 | 150 | 250 | 500 | 750 |
| Daily revenue ($) | 765 | 2,295 | 3,825 | 7,650 | 11,475 |
| Monthly revenue ($) | 22,950 | 68,850 | 114,750 | 229,500 | 344,250 |
| Annual revenue ($) | 275,400 | 826,200 | 1,377,000 | 2,754,000 | 4,131,000 |
The above illustrations are based on a helium sale price of US$300 per Mcf and assumes nil value for any other gases or liquids produced by the well.
Nilson “big frack”
On 26 September 2024, the Company announced a second, significantly larger frack, on the Nilson well owned by M3 Helium. This programme was innovatively funded by local investors and one of the contractors who committed US$170,000 in aggregate to cover the costs for a 25% economic interest in the well.
The frack injected 170,000 gallons of gelled water along with 150,000 pounds of sand. As far as M3 Helium’s management are aware, this was the Hugoton field’s first large water-based frack stimulation in several decades.
The response from the Nilson well has been impressive. Typically post-frack production results in a spike and then a subsequent decline in the well. However, in Nilson’s case, production has steadlily risen by a little under 1 Mcf per day at around 1 cubic foot per 2 minutes. This is illustrated in the graph below:
At present, there is insufficient data to determine when or where the Nilson well might peak but the M3 Helium team have been studying an analogous frack by Amoco in 1992 which took around 8 months to peak. It is too early to say whether this case can be used as a reliable guide, but the table below illustrates the well revenue capability between its existing production rate through to where the rate could peak should it continue to grow at the same rate for 8 months.
| Production(Mcf/day) | 50 | 100 | 150 | 200 | 300 |
| Daily revenue ($) | 143 | 285 | 428 | 570 | 855 |
| Monthly revenue ($) | 4,275 | 8,550 | 12,825 | 17,100 | 25,650 |
| Annual revenue ($) | 51,300 | 102,600 | 153,900 | 205,200 | 307,800 |
The above figures are based on a helium sale price of US$350 per Mcf (higher than Rost given that Nilson is tied into Scout Energy’s gathering system) and a NGL (natural gas liquids) sale price of US$0.75 per Mcf.
The significance of Nilson’s performance, aside from the value within this well, is that it provides a reference point and a pathway with which to develop other wells in the region, particularly within the farm in agreement with Scout Energy referred to above.
Nick Tulloch, Chief Executive Officer of Mendell Helium, said: “Since entering into the option to acquire M3 Helium, we have worked hard to develop the company’s asset base and, as shown in recent announcements and today’s update, the results have significantly exceeded our expectations. Alongside the farm in with Scout Energy, which provides an immediate and cost-effective path to scale our business, the exceptional performance of our flagship Rost well could potentially become a significant contributor to M3 Helium’s cashflow in the coming months.
“Meanwhile M3 Helium’s innovative larger frack at the Nilson well has provided ample evidence to support further use of this technique to stimulate increased production in Hugoton wells, something that could prove to be a crucially important factor as M3 Helium develops its farm in programme.
“M3 Helium is fortunate to have several advantages – the Hugoton location puts the company in prime production territory, it has access to infrastructure through Scout’s Energy’s gathering system to facilitate rapid monetisation of production, a fee payment structure geared to drilling activities and a farm in agreement along with the right of first refusal over any other Scout Energy farm outs that provides a platform through which our Company can exponentially scale up its operations.”
The Directors of the Company are responsible for the release of this announcement.
Nick Tulloch will be presenting at the Aquis Showcase on 12 November 2024. Details of the event are available at https://www.eventbrite.co.uk/e/aquis-showcase-tickets-951428316707.
ENDS
Enquiries:
| Mendell Helium plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693
nick@mendellhelium.com https://mendellhelium.com/ |
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson |
Tel: +44 (0) 1483 413500 |
|
Stanford Capital Partners Ltd (Broker)
Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green
|
Tel: +44 (0) 7976 431608
|
Overview of M3 Helium
Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium has interests in nine wells in South-Western Kansas of which five (Peyton, Smith, Nilson, Bearman and Demmit) are in production. Eight of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.
The nineth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition. Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.
Mendell Helium plc #MDH (Formerly Voyager Life plc #VOY) – Update on proposed acquisition of M3 Helium. Change of name to Mendell Helium
Mendell Helium is pleased to provide the following update on its option (the “Option”) to acquire M3 Helium Corp. (“M3 Helium”).
As announced on 27 June 2024, the Company has an option to acquire M3 Helium Corp., a producer of helium based in Kansas and with an interest in six wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
Highlights
- Option exercise date extended to 31 January 2025
- The Company’s name has changed to Mendell Helium plc
- Three M3 Helium wells in production and revenue generating
- A further well expected to begin production shortly
- Second, larger frack carried out at the Nilson well through project finance
- All M3 Helium wells are proximate to a gathering system or have an on-site purification plant
- Approximately US$487,000 drawn down by M3 Helium from the Company’s loan facility
Overview of M3 Helium operations and future strategy
M3 Helium has made significant progress since the Company entered into an agreement to acquire it. Two further wells, Smith and Nilson, have been tied into the local gathering system and brought into production. A third well, Rost, is expected to commence production shortly. As announced on 26 September 2024, M3 Helium initiated a second, much larger frack on the Nilson well which was designed to stimulate further production.
During the frack, a total of 210,000 gallons of gelled water was pumped into the well (higher than the forecast 170,000 gallons) with pressure reaching 1,500 psi (pounds per square inch) at the peak of the operations (the first frack on that well averaged 550 psi). Seven frack pumps were able to deliver up to 80 barrels per minute of a gelled water and sand mixture. This equated to 12 tonnes of mass per minute. The team will now be assessing the well’s performance over the coming weeks.
As announced on 27 June 2024, these developments have been, with the exception of the project finance for the Nilson frack, funded through the Company’s loan facility to M3 Helium (the “Loan Facility”) that was put in place at the same time as the option. To date, US$487,362 has been drawn down by M3 Helium under the Loan Facility.
The next phase of M3 Helium’s development is to identify further locations for new wells. M3 Helium operates in two locations: the Hugoton gas field, one of the largest natural gas fields in North America, and Fort Dodge. Management believe that expansion opportunities are more limited in Fort Dodge but helium concentrations (5.1% at the Rost well) are likely to be higher. Conversely there are extensive options in the Hugoton and the Company and M3 Helium have developed a good working relationship with Scout Energy Partners, the largest operator in the region and owner of the Jayhwak gas processing plant, a relationship which the M3 Helium board considers is likely to be key to expansion.
Change of name and transaction update
With the extent of the operations undertaken in Kansas since the Company took the Option, there has been inevitable time pressure on the management teams’ time. Alongside these operations, the Company has also published its own audited accounts and, as announced on 30 September 2024, signed heads of terms to dispose of the Company’s existing health & wellness operations to another healthcare business (the “Disposal”).
As a consequence of these activities, the Company and M3 Helium have agreed to extend the date by which the Option can be exercised to 31 January 2025. Terms under the Loan Facility have been correspondingly extended. As previously announced, the exercise of the Option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document (the “Admission Document“). The Company’s board clarifies that the new extension date is not a target for exercising the Option. Progress is being made on preparing and auditing M3 Helium’s financials and obtaining a competent person’s report. The Admission Document will also address the Disposal, subject to contracts being concluded with the proposed buyer.
There are no other changes to the Option which will be exercised through the issue of 57,611,552 new ordinary shares in Voyager to M3 Helium’s shareholders. At the current share price, this would value the enlarged group at approximately £3 million.
Reflecting its new proposed business focus, the Company has changed its name to Mendell Helium plc and, once the change of name takes effect, will trade on AQSE Growth Market with the ticker “MDH”.
The Company’s website address (including its investor relations content) will remain www.voyagerlife.uk until it is updated to www.mendellhelium.com.
Paul Mendell, founder of M3 Helium, has been instrumental in that company’s development and the decision to reflect that in the Company’s new name is a fitting endorsement of his ongoing efforts.
Nick Tulloch, Chief Executive Officer of Mendell Helium, said: “As our recent announcements have shown, we have had a very busy summer working with the team at M3 Helium to develop that business. The funds we have loaned to M3 Helium have been put to good use with, in particular, three wells in production, a 5.1% helium concentration tested at the Rost well and a significant frack carried out at the Nilson well. As a result, exercising the Option will give us larger and more advanced operations than we previously envisaged in June 2024.
“It has always been our view that a particular attraction of M3 Helium is its proximity to local infrastructure. Production is an important metric but the ability to deliver helium to market cost-effectively and without restrictions is what can define our business. The speed at which we and M3 Helium have been able to develop their operations is testament to that and the involvement of local investors in the recent Nilson frack, in our view, is a powerful endorsement of our strategy. Natural resources activities are extensive across Kansas and neighbouring states, so investors choosing to back M3 Helium recognises the progress we are making.
“With such an intensive period of expansion, coupled with our own audit and potential disposal of our existing operations, I am sure investors will understand why we have decided to extend the option with M3 Helium. I can assure investors we are working hard to complete the regulatory process but our focus has been on growing the business that may shortly be part of our company. With the progress that is being made, the time was right to change our name to reflect our future focus and I will be pleased to report as Mendell Helium from now on.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Mendell Helium plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693
|
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson |
Tel: +44 (0) 1483 413500 |
| Stanford Capital Partners Ltd (Broker)
Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green |
Tel: +44 (0) 7976 431608 |
Overview of M3 Helium and the Hugoton North Play
Mendell Helium, formerly Voyager Life plc, announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Mendell Helium to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium has interests in six wells in South-Western Kansas of which three (Peyton, Smith and Nilson) are in production. Five of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.
The sixth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition. Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorptionproduction plant which could be used to purify the helium on site.
Voyager Life #VOY – Pre-production underway at M3 Helium flagship Rost well, Fort Dodge Prospect
Voyager is pleased to announce that preparations to bring the Rost 1-26 well owned by M3 Helium Corp. (“M3 Helium”) into production are now well advanced. Sales of helium from that well are expected to commence by end of September 2024.
The Rost 1-26 well, located in M3 Helium’s Fort Dodge prospect, has previously been tested by Shamrock Gas Analysis, Inc. and was found to contain a gas composition of 5.1% helium in July 2024. Thurmond-McGlothlin, LLC, an independent professional firm, also tested a well pressure at 302.7 psi in July 2024, at the same time as taking the samples. These tests follow on from a flow rate that was measured at 47,100 cubic feet per day (47.1 Mcfd), with this result being achieved even though brine levels were 1,058 feet over the perforations.
M3 Helium will commence de-watering the well shortly in the expectation that it could further increase the flow rate. Water tanks have been delivered to site in preparation for that exercise.
M3 Helium has recently installed a pump to the site and delivered its Pressure-Swing Adsorption (PSA) modular processing unit. Power is expected to be connected to site during the course of this week whereupon commissioning of the PSA will begin, with an estimated time of 10 days to complete the programme. Management expects that produced helium could be concentrated to around 20 – 50% onsite using the PSA, thereby maximising efficiencies by ensuring the lowest possible transport costs to a local processing plant.
The Fort Dodge area is outside of the proximity of gathering systems and so M3 Helium will install a compressor at the well to load the concentrated helium mixture onto tube trailers for delivery by road to the processing plant. Management are currently in discussions with two potential off-take third-parties and a decision will be made shortly.
Nick Tulloch, Chief Executive Officer of Voyager, said: “The elevated helium concentrations coupled with the attendant high pressure has quite rightly pushed the Rost well into pole position as M3 Helium’s flagship project. M3 management are optimistic that, when the well comes on production, it will be a significant contributor to its operations.
“M3 Helium’s focus is on production and sales, and consequently preparations have centred around efficient delivery of produced helium to market. The PSA and onsite compressor will enable M3 Helium to achieve this objective by cost-effectively transporting a concentrated gas mix to nearby processing facilities and, with the forecast production numbers, I am pleased to report we have several options for off-take.”
As announced on 27 June 2024, the Company has an option to acquire M3 Helium, a producer of helium based in Kansas and with an interest in six wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Voyager Life plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693
|
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson |
Tel: +44 (0) 1483 413500 |
|
Stanford Capital Partners Ltd (Broker)
Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green
|
Tel: +44 (0) 7976 431608 |
Overview of M3 Helium and the Hugoton North Play
Voyager announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Voyager to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium has interests in six wells in South-Western Kansas of which three are in production. Five of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.
The sixth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition. Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.
Voyager Life #VOY – Helium production commences at two further wells. Sales of helium and methane to generate revenue for M3 Helium
Voyager is pleased to announce that the Smith and Nilson wells owned by M3 Helium Corp. (“M3 Helium”) are now in production and tied into the gathering system owned by Scout Energy Partners (“Scout”). Sales of helium and methane will generate revenue for M3 Helium, and the Company currently anticipates receiving these revenues on a monthly basis.
M3 Helium owns a 100 per cent. working interest in the Smith and Nilson wells, both of which have been previously tested at high pressures capable of producing economic flow rates. The wells recorded respective pressures of 174psi (pounds per square inch) and 180psi respectively (in tests carried out by Precision Wireline and Testing). The tie in to Scout’s infrastructure was concluded recently with production beginning almost immediately thereafter. Scout’s gathering network is connected to the Jayhawk gas processing plant which produces methane, helium, nitrogen and natural gas liquids.
The Company expects that production levels will take a few weeks to stabilise, and at this point, helium content is anticipated to be in the region of 0.635 per cent., based on a competent person’s report previously prepared for M3 Helium by WSP. Management of M3 Helium are accordingly optimistic about the potential revenue capability from the wells.
As previously announced, Smith and Nilson are to the east of the core part of the Hugoton gas field in what is known as the transition zone. It is M3 Helium’s belief that this lesser produced area could provide considerable upside to the company by accessing formations previously overlooked by other operators.
M3 Helium’s next project, which is already underway, is to bring its Rost well at Fort Dodge into production. As announced on 15 July 2024, this has been tested by Shamrock Gas Analysis, Inc. as containing 5.1% helium.
Nick Tulloch, Chief Executive Officer of Voyager, said: “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.
“The speed at which the two wells were brought into production is another reminder of M3 Helium’s competitive advantage. With access to Scout’s gathering system and its Jayhawk gas processing plant, M3 Helium has the ability to quickly monetise any new wells that it develops.”
“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 since we announced the acquisition at the end of June gives our management team great confidence that the business we are building can realistically deliver this objective.”
As announced on 27 June 2024, the Company has an option to acquire M3 Helium, a producer of helium based in Kansas and with an interest in six wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Voyager Life plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693
|
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson |
Tel: +44 (0) 1483 413500 |
|
Stanford Capital Partners LLP (Broker)
Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green
|
Tel: +44 (0) 7976 431608 |
Overview of M3 Helium and the Hugoton North Play
Voyager announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Voyager to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium has interests in six wells in South-Western Kansas of which three are in production. Five of the company’s wells are within the Hugoton gas field, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells can quickly be tied into the infrastructure.
The sixth well is in Fort Dodge and was tested in July 2024 as containing 5.1% helium composition. Although not within direct access to the gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site.
Voyager Life #VOY CEO Nick Tulloch discusses today’s RNS & the latest developments with M3 Helium in Kansas with Alan Green
Voyager Life #VOY CEO Nick Tulloch discusses today’s RNS & the latest developments with M3 Helium in Kansas with Alan Green.
- Overview of the M3 VOY deal
- Fundraise & loan, is the money being well spent?
- Drilling latest from Carter 1 & 2, plus Fort Dodge Rost well & Scout Jayhawk plant
- High levels of #helium tested & vast expansion potential
- High levels of interest from US investors
Voyager Life #VOY – M3 Helium asset overview
Voyager is pleased to provide the following overview of M3 Helium Corp.’s, (“M3 Helium”) assets following a visit last week by CEO Nick Tulloch to Kansas, USA. The Company has an option to acquire M3 Helium, a producer of helium based in Kansas and with an interest in six wells.
Highlights
- Six wells in South-Western Kansas
- One well in production and tied into nearby gathering and processing infrastructure
- Two further wells in the process of being tied into the same infrastructure
- Two further wells in the Hugoton North Play fracked and undergoing assessment
- Sixth well in Fort Dodge tested at 5.1 per cent. helium content as announced on 15 July 2024
Hugoton North Play
M3 Helium has an interest in five wells in its Hugoton North Play project. These wells are situated around Garden City in western Kansas and are all within or near the gathering network connected to the Jayhawk gas processing plant near the town of Ullyses and which is owned and operated by Scout Energy Partners (“Scout”). Jayhawk produces methane, helium, nitrogen and natural gas liquids.
Carter 1 and Carter 2 wells
These are the most recent of M3 Helium’s wells to be drilled and are approximately one mile apart situated to the north of Garden City. M3 Helium owns a 100 per cent. interest in both of these wells although the Carter 1 well was funded by a third-party in return for the opportunity to acquire helium produced from that well at a price of US$280/Mcf.
The Carter 2 well completed a fracking operation last week and the team has now begun the process of well clean up, primarily swabbing for accumulated frack fluids, before an assessment can be made of the well’s potential flow rates. It is important to note that the geology of M3 Helium’s wells varies considerably. The Carter wells, which are situated at the north end of its operations are known to carry greater levels of water and, consequently, this particular fracking operation was executed at low pressure to ensure that the well, following fracking, was not compromised by fluid levels. Although it is early days, initial signs are positive – on completion of the operation, a vacuum was immediately observed in the wellbore indicating that the frack fluid was being absorbed into the rock below. As M3 Helium observes the well’s characteristics over the coming weeks, it expects to gain a greater understanding of the economics of developing this northern part of its operations.
Smith and Nilson wells
To the south of Garden City and in Haskell County near the town of Sublette are M3 Helium’s Smith and Nilson wells. M3 Helium owns a 100 per cent. interest in both of these wells. Both wells have been completed and have produced economic flow rates. M3 Helium has now commenced the process of tying them into the Scout pipeline network following which commercial production is expected to begin. To date, meters have been installed by Scout and M3 Helium is in the process of connecting a pipe between the well and meters. This is expected to be completed by end of August 2024 and a further announcement will be made at that time.
Smith and Nilson are to the east of the core part of the Hugoton gas field in what is known as the transition zone. It is M3 Helium’s belief that this lesser produced area could provide considerable upside to the company by accessing formations previously overlooked by other operators. The Smith well in particular was tested at pressure of 150 psi (pounds per square inch) in July 2024 and, following partial removal of water over the gas reservoir, M3 Helium believes this pressure is capable of rising.
Peyton well
Also to the south of Garden City but east of Smith and Nilson is the Peyton well. One of M3 Helium’s first wells, the Peyton well is in production and currently producing a return, net of all operating and administrative costs, of around $2,000 per month to the owners of the Peyton well. M3 Helium owns a 20 per cent. interest in the Peyton well. The well produces without the need for a pump.
The Peyton well is in the heart of the Hugoton gas field where wells have historically been reliable producers, with limited water content, but the area has seen more active production in the past and consequently M3 Helium’s management does not consider that potential reserves are as great as may be the case in the transition zone described above. However, the consistent production and expected well life makes this region an attractive area in which to operate.
Fort Dodge
M3 Helium’s Fort Dodge prospect is located a short drive to the east of Dodge City. Although a smaller prospect than the Hugoton North play project, Fort Dodge has test results showing high helium content and good well pressure.
Rost
The Rost well was tested earlier in July 2024 by Shamrock Gas Analysis, Inc. as containing 5.1% helium composition, announced on 15 July 2024. Thurmond-McGlothlin, LLC, an independent professional firm, also tested the pressure at 302.7 psi. Samples of gas were previously taken and measured at 47,100 cubic feet per day (47.1 Mcfd).
A combination of these factors make the Rost well and its Fort Dodge operation, in which M3 Helium owns a 100 per cent. interest, arguably its most exciting near term prospect. Although not within direct access to Scout’s gathering network, M3 Helium owns a mobile Pressure Swing Adsorption production plant which could be used to purify the helium on site. Discussions with Scout last week confirmed that Scout would accept M3 Helium’s purified helium which can be delivered to an access point around a one hour drive away.
Nick Tulloch, Chief Executive Officer of Voyager, said: “I was fortunate during my visit to Kansas to be able to tour Scout Energy Partners’ Jayhawk gas processing plant with whom M3 Helium partners with. The plant is vast, handling around 5 per cent. of world helium production according to the Scout Energy representative who showed us around, and the proximity of the gathering infrastructure to M3 Helium’s operations is a defining characteristic of the opportunity before us. Equally important is that the plant is still only operating below. capacity so further production will be welcomed.
“In a short time, M3 Helium has assembled a portfolio of assets in different locations, and with different geological characteristics, but all within reach of Scout’s infrastructure. As we develop our existing wells and add new ones, we can be secure in the knowledge that there is a ready and accessible market for our production.”
As announced on 27 June 2024, there is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
The Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Voyager Life plc
Nick Tulloch, CEO |
Tel: +44 (0) 1738 317 693 |
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray |
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson/Nick Briers |
Tel: +44 (0) 1483 413500 |
| Stanford Capital Partners LLP (Broker)
Patrick Claridge/Bob Pountney |
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green |
Tel: +44 (0) 7976 431608 |
Overview of M3 Helium and the Hugoton North Play
Voyager announced on 27 June 2024 that it has entered into an option agreement to acquire the entire issued share capital of M3 Helium through the issue of 57,611,552 new ordinary shares in Voyager to M3 Helium’s shareholders. The exercise of the option will constitute a reverse takeover pursuant to AQSE Rule 3.6 of the Access Rule Book and is subject to, inter alia, publication of an admission document.
M3 Helium’s North Play is part of the Hugoton gas field, one of the largest natural gas fields in North America. The North Play potentially extends to 250 sections with recoverable gas, with each section being approximately 640 acres (one square mile). Production to date has indicated a helium content of 1.25 per cent., a concentration that compares very favourably to other parts of the Hugoton gas field. Analogous wells drilled by other operators within the North Play have averaged over 0.44 bcfg per well, meaning that, with four wells per section, M3 Helium estimates a potential of up to 440+ bcfg of recoverable gas across the entire area. At a constant 1.25 per cent. helium content, M3 Helium estimates potential recoverable helium of over 5.5 bcf across the entire area.
Voyager Life #VOY – Highly Elevated Helium levels tested at Fort Dodge
Voyager is pleased to announce that M3 Helium Corp., (“M3 Helium”), a producer of helium based in Kansas, USA, which the Company has an option to acquire through the issue of 57,611,552 new ordinary shares in Voyager to M3 Helium’s shareholders (“Option”), has received test results showing helium concentrations between a range of 4.82% and 5.1% at its Rost well at Fort Dodge.
Highlights:
- Two samples tested by Shamrock Gas Analysis, Inc. evidenced 5.1% helium composition last week
- Two previous samples analysed by Hosco Well Testing, in Liberal, Kansas, showed helium compositions of 4.83% and 4.82% respectively
- To set these results in context, helium content of 0.3% is generally considered economic
- Thurmond-McGlothlin, LLC, an independent professional firm, also tested the pressure at 302.7 psi last week
- Samples of gas were previously taken and measured at 47,100 cubic feet per day (47.1 Mcfd)
Overview of operations
Operations were initially conducted on M3 helium’s Fort Dodge well to verify and confirm a previous industry report of helium bearing gas. This gas was believed to be, of an unusual composition, being dominated by nitrogen, and also with the benefit of very little associated methane, and with helium originally at an expected 4.6% concentration. This type of gas composition is known in some deeper sediments in Kansas and from Cambrian-aged sediments in Canada and Montana USA.
The Rost well was perforated at the top few feet of the Morrow formation with a dozen small holes at 5,008 ft. to 5,010 ft. The formation is over 40 ft thick. Native brine was encountered in the well at approximately 1,560 ft. from surface. The well brine was swabbed using a service rig. At this time no measurable gas was detected.
However, subsequently, the well showed pressure on both the casing and the tubing of 240 psi and 400 psi respectively. Gas was flowing up the tubing which was then lowered so that gas would only flow up the casing side and clean gas samples could be retrieved. Measurable gas was flowing on the casing side, even when the brine level was over 2,150 ft over the formation, representing a resistance to flow on the formation exceeding 925 pounds per square inch (psi).
Swabbing continued during the testing phase to reduce the brine level and M3 Helium began to sample the gas for composition measurement. The brine level was then reduced to 1,058 ft over the perforations (still a resistance to flow on the formation of over 450 psi), and samples of gas were taken and measured at 47,100 cubic feet per day (47.1 Mcfd).
Test results and next steps
Initially two samples analysed by Hosco Well Testing, Liberal, Kansas, revealed gas composition of 4.83% and 4.82% helium, respectively, along with nitrogen at approximately 85%, and methane at only 6%. Last week a further two samples were tested by Shamrock Gas Analysis, Inc. at 5.1% helium. Thurmond-McGlothlin, LLC, an independent professional firm, also tested a well pressure at 302.7 psi at the same time as taking the samples.
To set these results in context, helium content of 0.3% is generally considered economic so, based on the well pressure and helium concentration, M3 Helium’s Fort Dodge prospect is a potentially very significant opportunity.
M3 Helium expects to complete this well during the third quarter of 2024 by installing downhole equipment and connecting it to the existing injection well, which is also owned by M3 Helium. The company expects to commence production, purification and sales of helium from this area in the fourth quarter of 2024.
M3 Helium owns a specialised mobile pressure swing adsorption (PSA) plant and other associated equipment capable of purifying helium to a concentration of 45-55%. It will seek to enter into agreements with end purchasers to compress the concentrated product into tubing and ship it via special tube trailers provided by the buyers.
As announced on 27 June 2024, there is no certainty that the Option will be exercised, nor that the enlarged group will successfully complete its re-admission to trading on the AQSE Growth Market.
Nick Tulloch, Chief Executive Officer of Voyager, said: “Following on from the rapid progress reported and the commencement of drilling at Hugoton North Play at the start of July, we are both pleased and excited to be able to report the presence of highly elevated helium at over 5% at the operation in Fort Dodge. The helium, along with a low hydrocarbon bearing gas, was drawn from a clearly permeable reservoir, having bottom hole pressure of over 1,400 psi. Furthermore, increasing gas volumes were noted while lowering the native brine level in the well bore. Taking the measured 47.1 Mcfd of gas, potential helium daily production is indicated to be over 2,000 cubic feet per day of helium (2 Mcfd) and remarkably, this flow rate was achieved while over 1,000 ft. of brine was covering the perforations. We are eager to discover the well’s full potential once the fluid level drops to the perforations, reducing the resistance to flow, as a result of pumping brine consistently over time.
“It is also important to note that M3 Helium has the infrastructure to purify and sell helium on-site, enabling it to expand operations and generate revenue from this well in a relatively short period. I look forward to reporting on further progress as we build a deeper understanding of the full potential of the Fort Dodge asset, and also on progress from the drilling programme at the Hugoton North Play.”
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
ENDS
Enquiries:
| Voyager Life plc
Nick Tulloch, CEO
|
Tel: +44 (0) 1738 317 693 |
| Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti/Liam Murray
|
Tel: +44 (0) 20 7213 0880 |
| SI Capital Limited (Broker)
Nick Emerson/Nick Briers |
Tel: +44 (0) 1483 413500 |
|
Stanford Capital Partners LLP (Broker) Patrick Claridge/Bob Pountney
|
Tel: +44 (0) 203 3650 3650/51
|
| Brand Communications (Public & Investor Relations)
Alan Green
|
Tel: +44 (0) 7976 431608 |
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, or any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “similar” expressions or negatives thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based unless required to do so by applicable law.