Reliance Finance and Investments has signed a deal to acquire a 21% stake in US-based helium gas exploration company Wavetech Helium, Inc. (WHI) for $12m.
WHI started its commercial operations earlier this year. The company is currently preparing for a 200 well development drilling programme in the Morrow channel reservoirs in Colorado.
Additionally, the company has a 140,000-acre leasehold of helium-rich internals of the Kevin Dome in Montana, believed to be one of the largest structural domes in North America.
Reliance said the acquisition is part of the company’s strategy to expand its exploration and production business in low-carbon solutions.
