Mendell Helium says helium production starts at Rost well in Kansas

(Alliance News) - Mendell Helium PLC on Monday said commercial production at M3 Helium Corp's Rose 1-26 well in Fort Dodge, Kansas in the US has started.

The Perth, Scotland-based helium producer said flow rates continue to increase in significant increments each day as de-watering progresses.

The well is now producing more than 100,000 cubic feet of gas per day.

The firm said initial gas deliveries to the off-taker will be made by tube trailer.

Mendell Helium said progress continues to be made on the preparations for its proposed admission to AIM.

The firm said it has received final drafts for all reports for the admission, and it is now focused on concluding the drafting and verification of the admission document.

"M3 Helium's Rost well continues to perform in line with expectations and we have now reached the culmination of the work and planning that has gone into the project with commercial production now underway," said Chief Executive Officer Nick Tulloch.

"Rost is currently generating over USD1,600 of helium per day. This milestone achievement is nevertheless just the beginning as we expect the revenue capabilities of the well to increase in line with rising production and, importantly, on-site purification once the [pressure swing adsorption unit] is fully commissioned."

Shares in Mendell Helium were up 7.7% at 3.50 pence on London's Aquis Exchange on Monday afternoon.

By Michael Hennessey, Alliance News reporter

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