Shares of Avanti Energy Inc (OTCMKTS:ARGYF) have been witnessing selling pressure over the past few weeks and now down 17% in a month.
Market Reaction
On Tuesday, ARGYF stock moved up 1% at $1.15 with more than 27K shares, compared to its average volume of 52K shares. The stock has moved within a range of $1.1200 – 1.1600 after opening the trade at $1.13.
Engages Drilling Contractor for First Three Wells of its Helium Exploration Program in Montana
Company focusing on exploration, development, and production of helium across western Canada and the United States, Avanti Energy Inc (OTCMKTS:ARGYF) on November 9, 2021, announced contracting T&S Drilling for the initial three-well drilling program at 100%-owned Greater Knappen land holdings in Northern Montana.
The program will commence in early December targeting three separate zones, one in Basal sandstone formation and two in the Beaverhill Lake formation.
Targeting exhibits structural highs with relief of 70m to >200m, the drilling compliments the earlier wells demonstrating high helium in multiple Devonian and Cambrian targets with percentages of about 2 and 96% respectively for helium and nitrogen respectively.
Chris Bakker, CEO of Avanti said that the company is excited on engaging T&S Drilling and has a clear line-of-sight for the first well unlocking the tremendous potential of Greater Knappen. Bakker added that the technical interpretation of just 7 of the 10 structures suggests resource potential of between 1.4 and 8.9 billion cubic feet of recoverable helium.
Avani is evaluating several opportunities across the United States and Canada for building an industry-leading helium company with a prime portfolio of prospective lands. It has also retained B2I DIGITAL Inc for providing digital marketing advisory services to Avanti pursuant to a consulting agreement.
Key Quote
Chris Bakker, CEO of Avanti, commented, “We are excited to have engaged T&S Drilling and now have a clear line-of-sight to spudding our first well and unlocking the significant potential of Greater Knappen. Management’s technical interpretation of just 7 of the 10 structures suggest an estimated un-risked and undiscovered resource potential of between 1.4 and 8.9 billion cubic feet of recoverable helium.”
Traders Review
ARGYF stock is trading below the 20-Day and 50-Day Moving averages of $1.25 and $1.43 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.60. The stock is down 19% over the past month.
