Helios Energy Limited (ASX:HE8)

Richard He
Market Cap (AUD): 257.8M
Sector: Energy
Last Trade (AUD): 0.099 +0 (+0%)
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1. About

Helios Energy Limited (ASX:HE8) is an oil and gas company focussed solely on Texas, USA and its Presidio Oil Project located in Presidio County. 

Helios has drilled 2 vertical wildcat wells into the Project: Quinn Creek 141 and Quinn Mesa 113 (2 miles apart). The Company has made a new oil discovery in the Ojinaga Shale Formation in the Presidio Oil Project. 

In June 2018, Helios successfully completed a one stage frack in the Quinn Creek 141 well to test the lower Ojinaga Formation. The well flowed 260 barrels of oil and 1,345 barrels of completion fluid in 168 hours. The oil produced was good quality, mature, 39 degrees API gravity light oil similar in composition to Eagle Ford Shale oils. Gas was also produced at 456 mcf per day on a 34/64ths of one inch choke. The observations to date suggest a new oil discovery.

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9. Risk