We are pleased to announce that we are off to an excellent start in 2020, and we were pleased to sign a joint venture agreement at the end of last year for the development of a newly discovered heli environment. What makes this agreement particularly interesting are several points:
On the one hand, helium is only available in limited quantities and cannot be produced artificially, and on the other hand, global demand has been rising steadily for years with scarce supply. in line with this, we have been seeing rising prices for years. after the market prices for helium have roughly doubled in the last two years, experts are predicting a renewed jump in prices and possibly even a further doubling for the next 12 -18 months.
Researchers are already warning of a worldwide helium crisis (source: Spiegel Online, 17.09.2019, https://www.spiegel.de/wissenschaft/mensch/helium-forscher-warnen-vor-weltweiter-knappheit-a-1287198.html).
The helium 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 as early as 1934.
Another piece of good news from Kentucky: As described in our last corporate news, Mystic Energy Services LLC, our operator and partner on site, has secured further interesting drilling areas in Ohio County, Kentucky. The neighboring area is the second largest "oil producer" for the entire state of Kentucky. In the meantime, we have decided to drill the first well in 2020. Weather permitting, this may even take place as early as the beginning of February 2020.