Mendell Helium (LSE:MDH) has agreed terms to lease a 265 Mcf capacity trailer for deliveries from the Rost 1‑26 well and the nearby Rost Twin in Fort Dodge, Kansas, lifting M3 Helium’s combined delivery capability to 425 Mcf when paired with an existing 160 Mcf trailer.
"This trailer, which has an operating pressure of 3,600 psi, is substantially larger than other options that M3 Helium was previously considering and will be more efficient and cost effective in managing on site storage and helium deliveries," Mendell Helium added.
The announcement also records the exercise of warrants over 1.71m new shares, at 4.5p (333,333 shares), 4p (375,000) and 3p (1m), generating aggregate cash proceeds of £60,000. Application has been made for these shares to be admitted to trading on the AQSE Growth Market, expected at 8:00 a.m. on or around 28 April, taking total voting rights to 152.57m.
Mendell Helium reiterated that it holds an option to acquire M3 Helium, owner of six producing wells and a mobile PSA plant, and has extended the exercise date to 30 April. There is no certainty the option will be exercised or that any re‑admission will be completed.
