Helium exploration and production firm Royal Helium will collaborate with Sparrow Hawk Developments (Sparrow Hawk) after earmarking $25m for the Val Marie helium project located in Saskatchewan, Canada.
Comprising a participation agreement and Letter of Intent, the agreement outlines plans for joint efforts on a drilling initiative and the establishment of a helium purification plant.
According to the LOI terms, Sparrow Hawk will have an approximate 57.5% non-operating working interest in the wells and an approximate 46% non-operating interest in the processing facility.
“This joint venture represents an exciting next step in Royal’s mission to advance the development of its extensive helium resources and bring additional facilities online each year,” said Andrew Davidson, CEO of Royal Helium.
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