Quantum Helium Limited (AIM: QHE) has secured formal approval from the U.S. Bureau of Indian Affairs for the Indian Mineral Development Agreement covering its Coyote Wash Project — a key regulatory milestone that clears the path for well planning and drilling preparations targeting both helium and oil.
The approval significantly de-risks the project from a permitting standpoint and allows the company to advance operational preparations on site.
Separately, Quantum confirmed that the assignment of operatorship at the Sagebrush project is progressing toward completion. All required documentation has been submitted and remains in good standing, with the process nearing conclusion.
Across its Colorado portfolio, Quantum now reports 1.104 BCF of gross (828 MMscf net) 2U helium resources, comprising:
-
0.97 BCF at Coyote Wash
-
0.134 BCF at Sagebrush
In addition to helium potential, Coyote Wash also holds prospective recoverable oil resources of up to 750,000 barrels, adding further upside to the project economics.
The update marks continued operational progress as the company advances toward drilling across its helium-focused US assets.
Commenting, CEO Howard McLaughlin said: “The approval of the Coyote Wash IMDA is a major step forward for Quantum. It provides the regulatory framework required to advance what is already an independently verified 0.97 BCF 2U gross helium prospective resource with additional oil upside.
Coyote Wash adds real scale to our Colorado portfolio. At the same time, our immediate focus remains on Sagebrush, where the extended production test at Sagebrush-1 is fully prepared pending final regulatory approvals. With documentation confirmed as in good standing and the assignment process progressing towards conclusion, we believe the remaining approvals are now in their final stages and look forward to updating the market upon receipt.
With 3D seismic confirming the integrity of the Leadville structure, we are well positioned to move into testing and the next phase of value creation.”
Executive Chairman Carl Dumbrell added: “Our visit to Colorado this week was extremely productive across technical, operational and stakeholder fronts. We reviewed seismic interpretation, field operations and final testing preparations, ensuring alignment across the team.
We are particularly grateful to the leaders of the Ute Mountain Ute Tribe for taking the time to meet with us. We greatly appreciate their constructive engagement and continued support for Quantum Helium and our projects. Building strong, respectful and long-term relationships remains fundamental to how we operate.”
