Drilling of first oil well
We are pleased to inform that we have had an excellent start into the year 2020. For example, at the end of last year we had been able to finalize and sign a Joint Venture agreement concerning the development of a newly discovered Helium gas field.
What makes this agreement interesting are several points:
Firstly, Helium is only available in limited quantities and cannot be produced artificially. Secondly, global demand has been rising steadily for years now, with short supply. We have been seeing rising prices in line with this during the last years. After the market prices for helium have roughly doubled in the last two years, experts see a next jump in prices coming and possibly even a further doubling for the next 12 – 18 months. Researchers are already warning of a worldwide Helium crisis. The proposed Helium gas field is located in the vicinity of the so-called “Harley Dome Field” in Utah, which was named “Federal Helium Reserve No. 2” by US President Roosevelt in early 1934, but is much larger and could thus become one of the largest Helium gas fields in the entire USA. Next good news has arrived from Kentucky: As described in our latest corporate news release, Mystic Energy Services LLC, our operator and local partner, has secured additional interesting drilling sites in Ohio County, Kentucky. The adjacent area is the second largest “oil producer” for the entire state of Kentucky. In the meantime, we have decided to drill the first well here in 2020. Based on weather conditions, this could possibly take place beginning of February 2020.