Quantum Helium (AIM:QHE) told investors that gross oil revenue from its Sagebrush Project for the first nine months of 2026 has already exceeded the total generated across the whole of 2025, with a full quarter still to add before the year closes.
The AIM-listed junior, which is developing helium extraction from natural gas reserves in Saskatchewan, Canada, and Colorado, US, reported nine-month project oil revenue of US$500,765, against US$408,532 for the entire 2025 calendar year, an increase of approximately 23%. Quantum's 90% working interest share of that nine-month revenue reached US$450,688.
Third-quarter project oil revenue came to US$184,502, with Quantum's share amounting to US$166,052, on gross oil production of 2,630 barrels at an average realised price of US$71.28 a barrel. Gross oil production for the nine months totalled 7,771 barrels, following quarterly output of 2,482 barrels in the first quarter and 2,659 barrels in the second.
"Our oil production in the first 9 months of Calendar 2026 continues to deliver an important revenue stream for Quantum, and it is particularly pleasing that we have already exceeded the revenue generated during the whole of calendar 2025, with another three months of production still to come," said Howard McLaughlin, chief executive.
The company's Sagebrush-1 well, part of the Leadville Formation acreage in Colorado, has been pulled out of normal oil production for extended helium testing, which has already confirmed helium concentrations of around 2.5% and a highly connected natural fracture system supporting both oil and helium flow.
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Quantum cites independently assessed gross helium resources of 1.104 billion cubic feet across its Sagebrush and Coyote Wash acreage.
Meanwhile, it noted that members of the company's executive and technical team are attending the Helium Super Summit in Houston, which began on Tuesday, to discuss the Colorado helium portfolio and the planned larger-volume stimulation programme at Sagebrush-1.
Detailed engineering for that stimulation programme is substantially complete, with field operations still targeted to begin in November.
"Our immediate operational focus remains on advancing the planned larger-volume stimulation programme at Sagebrush-1, with preparations now in their final phase," McLaughlin said.
