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Quantum Helium #QHE – Quantum’s 3D Seismic and Reprocessing Programme Defines Multi-Year Activity Pipeline
Quantum’s 3D Seismic and Reprocessing Programme Defines Multi-Year Activity Pipeline
Technical evaluation delivers a growing portfolio of near-term and high-impact helium and oil exploration opportunities.
Quantum Helium Limited (AIM: QHE) is pleased to announce the results of its comprehensive geological and geophysical evaluation programme across the Sagebrush, Coyote Wash and other nearby areas.
Over the past twelve months, the Company has completed high-resolution 3D seismic acquisition, together with the reprocessing and reinterpretation of all available historic seismic data, and a comprehensive review of historic drilling, wireline logs and production data, supported by integrated geological and geophysical evaluation across its Colorado acreage. This work has significantly enhanced Quantum’s understanding of the basin and transformed the portfolio from two established projects into a growing portfolio of future helium and oil exploration opportunities
Highlights
- Comprehensive interpretation of Quantum’s high-resolution 3D seismic and careful reprocessing of older 3D programs has significantly enhanced understanding of both the Sagebrush and Coyote Wash projects.
- Technical evaluation has transformed Quantum’s Colorado acreage from two established projects into a growing portfolio of future drilling opportunities.
- Two lower-risk drilling candidates identified as potential near-term wells, with drilling targeted within approximately the next 12 months, subject to permitting, and operational priorities.
- Three additional high-impact exploration prospects have been identified, representing substantially larger helium and oil opportunities for future drilling.
- Ongoing geological evaluation continues to generate additional exploration concepts across Quantum’s Colorado acreage, providing further long-term growth potential.
- Confirms Sagebrush and Coyote Wash as a genuine multi-year exploration and development portfolio rather than standalone projects.
- Supports Quantum’s strategy of building a long-term inventory of drilling opportunities while progressing commercial development of the Sagebrush helium discovery.
A Step Change in Technical Understanding
When Quantum assembled its Colorado portfolio, the Company’s understanding of the acreage was based primarily on historic drilling information, legacy seismic datasets and a limited number of recognised prospects.
Since then, Quantum has undertaken one of the most comprehensive technical programmes completed across its acreage, including acquisition of high-resolution 3D seismic, advanced seismic processing of existing data as well as detailed geological interpretation and integration of historical well and production data.
The programme has confirmed the integrity of the known helium-bearing structures at Sagebrush and Coyote Wash, refined the Company’s understanding of existing discoveries and, importantly, identified multiple additional drilling opportunities across the portfolio.
This work represents a significant step forward in the Company’s technical understanding of its Colorado acreage and provides a substantially stronger foundation for future exploration, appraisal and development activities.
Building a Long-Term Growth Portfolio
The Company’s objective has not simply been to identify individual drilling prospects, but to establish a sustainable portfolio of exploration and development opportunities capable of supporting long-term growth.
The identified opportunities have been prioritised by Quantum’s technical team following detailed geological and geophysical evaluation. Prospects were ranked according to geological confidence, seismic definition, commercial potential and operational considerations, resulting in the early identification of two lower-risk near-term drilling candidates and three higher-impact follow-on exploration candidates.
The Company believes the two lower-risk drilling candidates represent an attractive starting point for the next phase of exploration, with the potential to establish near-term production and cash flow while supporting the continued advancement of Quantum’s broader helium and oil growth strategy. Subject to permitting and operational priorities, one or both of these opportunities could be advanced to drilling within approximately the next 12 months.
Beyond these opportunities, three higher-impact follow-on exploration candidates have been identified targeting prospective helium and oil plays. These prospects have the potential to materially expand Quantum’s helium resource base while also providing significant oil upside.
Importantly, interpretation of the Company’s extensive seismic dataset remains ongoing, with additional regional exploration concepts continuing to emerge as technical evaluation progresses.
Next Steps
Quantum intends to continue refining and prioritising the opportunities generated by the seismic programme while advancing permitting, technical studies and commercial planning associated with future drilling.
The Company expects to provide further market updates as individual exploration opportunities progress through detailed evaluation and development planning.
Howard McLaughlin, Quantum Chief Executive Officer, commented: “This multi-faceted evaluation programme represents one of the most important technical milestones in Quantum’s development. Our objective wasn’t simply to acquire new seismic data – it was to fundamentally improve our understanding of the basin and identify the next generation of drilling opportunities capable of creating long-term shareholder value.
The results have exceeded our expectations. Twelve months ago we had two highly prospective projects supported by historic drilling and legacy seismic. Today we have one of the most comprehensive technical datasets assembled across this part of the basin, together with a growing portfolio of exploration opportunities extending well beyond our existing independently assessed helium resources.
We’ve already identified two lower-risk drilling candidates that we believe could be targeted within the next twelve months, subject to the normal approvals and operational planning. Beyond those, we’ve identified three much larger follow-on exploration candidates that have the potential to materially expand our helium resource base while also offering significant oil upside.
Importantly, our work isn’t finished. Every stage of interpretation continues to improve our understanding of the basin and generate new ideas. Rather than narrowing our focus, the seismic programme has continued to expand the number of opportunities we see across our acreage.
Combined with our ongoing engineering assessment of the Sagebrush helium accumulation, our substantial independently assessed helium resource base of more than 1 Bcf and our existing oil production, we believe Quantum has established the foundations for a multi-year exploration and development programme. We are only beginning to unlock the full potential of what we believe is one of the most prospective helium and oil acreage positions in Colorado.”
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Corporate Update – Operational Progress & OTC Markets Application
Quantum Helium Limited (AIM: QHE) is pleased to announce further operational progress at its flagship Sagebrush Project in Colorado together with the Board’s decision to commence the application process for a secondary quotation of the Company’s ordinary shares on the OTC Markets in the United States.
The proposed secondary quotation reflects the Company’s continued transition towards commercial helium development in the United States and is expected to broaden access to North American investors while complementing Quantum Helium’s existing admission to trading on the AIM market of the London Stock Exchange.
Highlights
- Board approves application for a secondary quotation on the OTC Markets in the United States
- Secondary quotation expected to broaden access for US investors without issuing new shares or increasing the Company’s reporting obligations
- Application process expected to complete within approximately four weeks, subject to customary processing
- Sagebrush-1 continues to produce oil, helium-bearing gas and water as production optimisation progresses
- First commercial sale of Leadville oil from Sagebrush-1 anticipated this month
- Extended production programme continues to reinforce commercial oil production, helium concentrations of 2.5%, with an extensive natural fracture network supporting reservoir buildup pressures approaching virgin conditions
- Planning underway for a multi-well drilling programme targeting both helium and oil across the Company’s Colorado acreage
- Existing oil production continues to generate revenue supporting the Company’s commercial helium development strategy
Operational Update
Operations at the Sagebrush-1 well continue to progress as the Company advances reservoir optimisation and further enhances its understanding of the Leadville reservoir.
The well continues to produce oil, helium-bearing gas and water while ongoing production activities are focused on optimising long-term performance. Results to date from the extended production programme continue to reinforce management’s confidence in the reservoir
The Company expects to complete its first commercial sale of oil produced from the Sagebrush-1 Leadville Formation during the current month, marking another important milestone in the development of the Sagebrush Project.
The discovery of commercial oil during helium testing was unexpected and represents a significant additional value opportunity for the Company. Geological studies undertaken to date indicate the oil may have originated from younger formations before migrating into the naturally fractured Leadville reservoir. Oil typing studies are underway to further develop the source and migration understanding.
Importantly, both the oil and helium appear to utilise the same extensive fracture system within the Leadville formation, further strengthening management’s confidence in the long-term development potential of this field.
Reservoir optimisation continues through ongoing pressure build-up testing designed to maximise long-term production performance. Paraffin treatment of the wellbore is also being employed.
The Sagebrush-1 well continues to undergo an extended clean-up and optimisation programme following stimulation. Oil, helium-bearing gas and water continue to be produced as pressure build-up testing and the recovery of stimulation fluids progress. The ongoing optimisation programme is designed to maximise long-term production performance and further enhance the Company’s understanding of the reservoir before production data is considered representative of the reservoir’s long-term performance. The Company will provide a further operational update as the optimisation programme continues.
The extended production programme has now confirmed several significant technical outcomes, including:
- Commercial oil production from the Leadville Formation
- Helium concentrations of 2.5%, significantly above typical commercial thresholds
- Reservoir pressures approaching virgin reservoir conditions following pressure build-up testing
- A highly connected natural fracture system capable of supporting future field development
Development Strategy
As reservoir clean-up progresses and production stabilises, allowing representative sustained production rates to be established, the Company intends to re-engage independent reserves auditor Sproule ERCE to update its independently certified resource assessment to incorporate both the commercial oil discovery and the latest production data.
The Company has commenced planning for the next phase of development across its Colorado acreage. This includes evaluating follow-up drilling locations at Sagebrush together with several additional low-risk helium and oil prospects identified across the Company’s existing acreage position.
Management recently held positive discussions with the US Bureau of Land Management regarding permitting requirements and remains encouraged by the regulatory pathway for advancing future development activities.
The Company will provide further updates on its broader Colorado development strategy, including additional drilling opportunities and future development plans, as technical work and permitting activities continue to progress.
The Company’s existing oil production portfolio also continues to perform strongly, with seven of its eight producing wells currently online and generating revenue.
These revenues provide valuable cash flow while supporting the Company’s strategy of advancing its helium assets through commercial development.
OTC Markets Secondary Quotation
The Board has approved the commencement of the application process for a secondary quotation of the Company’s ordinary shares on the OTC Markets in the United States.
The proposed secondary quotation is intended to broaden the Company’s exposure to North American investors and improve trading accessibility for US-based shareholders as Quantum Helium continues to advance one of the largest independently certified helium resource portfolios of any company listed on the London Stock Exchange.
The Board believes that a secondary quotation is a natural progression for the Company given that all of Quantum Helium’s producing assets, development projects and future growth opportunities are located in the United States. The quotation is expected to complement the Company’s existing admission to trading on AIM while enhancing its visibility within one of the world’s largest natural resource investment markets.
Importantly, the secondary quotation will not involve the issue of any new shares. Existing ordinary shares already admitted to trading on AIM will become eligible to trade in US dollars through the OTC Markets, allowing investors to buy and sell the Company’s securities during US market hours.
Subject to customary processing by OTC Markets, the application is expected to complete within approximately four weeks.
The quotation is also expected to provide the Company with access to a broader range of North American investor engagement opportunities, including participation in OTC Markets investor programmes, virtual conferences, market opening ceremonies, podcasts and other capital markets initiatives designed to increase visibility within the US investment community.
The Board believes the OTC quotation will complement the Company’s AIM listing by improving access to one of the world’s largest pools of natural resource investors while supporting Quantum Helium’s continued growth as a US-focused helium and energy company.
Howard McLaughlin, Quantum Chief Executive Officer, commented: “Over recent months we have continued to build our understanding of the Sagebrush reservoir which has reinforced our confidence in the commercial potential of the project. We now have commercial oil production, helium concentrations of around 2.5%, a highly connected natural fracture system and reservoir pressures approaching virgin conditions – all of which provide an excellent foundation for the next phase of development.
Our immediate priorities are to continue reservoir optimisation and establish representative sustained production rates, complete our first sale of Leadville oil and, once production has stabilised, update our independently certified resource assessment with Sproule. At the same time, we are actively planning the next phase of drilling across our Colorado acreage as we seek to unlock the broader value of our helium and oil portfolio.
The decision to pursue a secondary quotation on the OTC Markets is another important step in the Company’s evolution. With all of our assets located in the United States, broadening our access to North American investors is a natural progression as we continue executing our strategy to build a leading US-focused helium and energy company.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Quantum Helium #QHE – First Half Oil Production Generates Over US$316,000 Gross Revenue
Quantum Helium Limited (AIM: QHE) is pleased to provide an update on oil production and revenues from its Sagebrush Project (90% Working Interest) for the second quarter and first half of 2026.
Highlights
- Second quarter gross oil revenue of US$207,975, up approximately 92% on Q1 2026
- First half gross oil revenue of US$316,263
- Gross oil production of 5,141 barrels during H1 2026
- Average realised oil price increased from US$57.44/bbl in Q1 to US$78.29/bbl in Q2
- Additional oil sold following the successful Sagebrush-1 extended production test
- Existing oil production continues to generate cash flow while the Company advances its helium development strategy
- Sagebrush-1 testing confirmed commercial oil production together with helium-bearing gas, further enhancing the long-term value of the project
Oil Production and Revenue (Gross 100%)
|
Notes
- Figures are reported on a 100% gross project basis before transport and operating costs.
- Revenue figures are reported before lease operating expenses and are not adjusted for Quantum’s working interest.
- Production and revenue figures are not adjusted for royalties, severance taxes and other applicable deductions, consistent with previous Company reporting.
- All oil sales remain unhedged.
Operational Update
Oil production from the Company’s existing Sagebrush wells continued throughout the first half of 2026, with higher commodity prices contributing to a substantial increase in revenues during the second quarter.
During the quarter, Quantum also generated additional oil sales associated with the successful extended production test at the Sagebrush-1 well. Following confirmation of commercial oil production from the Leadville Formation during testing, oil recovered as part of the programme was separated, stored and subsequently sold, providing an additional contribution to second quarter revenues.
Gross revenue increased from approximately US$108,000 in Q1 to almost US$208,000 in Q2, reflecting continued production from the Company’s existing wells, additional oil recovered during the Sagebrush-1 testing programme and significantly stronger realised oil prices.
The successful extended production test at Sagebrush-1, which remains ongoing, confirmed both commercial oil production and helium-bearing gas from the Leadville Formation. The Company believes this represents a significant enhancement to the project’s long-term value, establishing an additional productive interval that was not included in previous independent resource assessments.
Strategic Importance
Oil production continues to play an important role within Quantum’s broader strategy by:
- Providing ongoing cash flow from existing producing assets;
- Supporting funding of helium appraisal and development activities;
- Demonstrating the value of the Company’s diversified energy portfolio; and
- Complementing the Company’s primary objective of becoming a significant United States helium producer.
With independently assessed helium resources of more than 1 Bcf across the Sagebrush and Coyote Wash projects, together with existing oil production and the recently confirmed commercial oil potential at Sagebrush-1, Quantum believes it is well positioned to continue advancing its portfolio while maintaining financial discipline.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “Our second quarter oil production results demonstrate the continuing value of Quantum’s producing oil assets, with stronger oil prices driving a significant increase in revenues during the period.
Importantly, the successful Sagebrush-1 extended production test also generated additional oil sales after confirming commercial oil production from the Leadville Formation. While the primary objective of the programme remains to evaluate the helium reservoir, it was particularly pleasing that the testing also produced immediate revenue alongside confirming a new productive horizon.
“The combination of existing production, additional revenues generated during testing and the recently confirmed commercial oil potential further strengthens the Sagebrush Project. Together with our independently assessed helium resources of more than 1 Bcf, these revenues continue to support our broader exploration, appraisal and development activities across our Colorado portfolio.
The Company expects to provide further updates in respect of Helium flow testing at Sagebrush in due course upon completion of the current programme”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Quantum Helium #QHE – Year of Transformation Ahead of EGM, Review of Key Milestones and Outlook for the Next Phase of Growth
Quantum Helium Limited (AIM: QHE) is pleased to provide shareholders with a review of the key milestones achieved over the past twelve months ahead of the Company’s Extraordinary General Meeting (“EGM”), which is scheduled to be held next week on 1 July.
The past year has seen the transformation of the Company from a diversified oil and gas business into a focused helium and energy company centred on two independently assessed helium and energy projects in Colorado – Sagebrush and Coyote Wash – representing one of the largest independently assessed helium resource positions on the London market. During this period the Company has strengthened its ownership position in key assets, secured independent resource validation, completed major seismic programmes, achieved critical regulatory milestones and successfully advanced the ongoing Extended Production Test at Sagebrush-1.
Quantum enters the next phase of its development with independently assessed helium resources, a successful Sagebrush testing programme, an emerging commercial oil opportunity and multiple near-term catalysts ahead.
Highlights
- Company successfully repositioned as a dedicated helium-focused energy company through rebranding to Quantum Helium
- Divestment of non-core assets and strategic focus on the Company’s Colorado helium and energy portfolio
- Working interest in the flagship Sagebrush Project increased to 90%, strengthening exposure to the Company’s core asset
- Independent Sproule assessments confirmed more than 1 Bcf of gross prospective helium resources across Sagebrush and Coyote Wash
- High-resolution 3D seismic programme completed, confirming a large helium-bearing Leadville structure at Sagebrush and identifying additional exploration upside
- Key regulatory approvals secured from the Bureau of Indian Affairs, enabling Quantum to assume operatorship and commence the Extended Production Test at Sagebrush-1
- Successful ongoing Extended Production Test confirms helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation
- Helium concentrations of 2.5% confirmed during testing, significantly exceeding typical commercial helium thresholds
- Commercial oil production identified from the Leadville Formation, creating a potential future revenue stream alongside helium development
- Existing Sagebrush oil production generated approximately US$617,000 gross revenue during 2025, with production continuing into 2026 and benefiting from strengthening oil prices
- Successfully completed a £5 million institutional capital raise, strengthening the Company’s balance sheet and supporting the next phase of development across Sagebrush and Coyote Wash
- Proposed share consolidation intended to support improved market positioning and facilitate a potential OTC listing in the United States, subject to shareholder and regulatory approvals
Carl Dumbrell, Executive Chairman of Quantum Helium, commented: “The past twelve months have been transformational for Quantum Helium. When the current Board assumed responsibility for the Company, we set out a clear objective: to create a focused helium and energy company capable of delivering meaningful long-term value for shareholders.
Since then, we have streamlined the portfolio, divested non-core assets, increased our ownership in key projects, completed independent resource assessments, secured critical regulatory approvals and successfully advanced Sagebrush through an extensive testing programme.
We are particularly grateful to the Ute Mountain Ute Tribe and the Bureau of Indian Affairs for their constructive engagement and support throughout this process. The relationships we have built over the past year have been instrumental in advancing our projects responsibly and collaboratively.
The proposed share consolidation being considered at next week’s Extraordinary General Meeting represents the next step in the Company’s evolution. We believe it will improve the Company’s market positioning, support broader institutional engagement and facilitate a potential OTC market listing in the United States. In recent months we have seen increasing interest from North American investors, reflecting both the location of our assets and growing recognition of helium as a strategically important commodity.
While much work remains ahead of us, Quantum enters the second half of 2026 in a significantly stronger position than at any point in its recent history.”
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “From an operational perspective, the past twelve months have been highly significant. We have progressed Sagebrush from an historic helium discovery into a successfully tested modern project supported by extensive seismic data, independent resource assessments and a much stronger technical understanding of the reservoir.
The ongoing Extended Production Test at Sagebrush has already delivered results that have exceeded our expectations. We confirmed helium-bearing gas with concentrations of approximately 2.5%, demonstrated reservoir connectivity and identified commercial oil production from the Leadville Formation.
The oil discovery was an unexpected but highly encouraging outcome. Not only does it enhance the overall value proposition of Sagebrush, but it also has the potential to provide meaningful future cash flow that can support further exploration and development activities across the portfolio.
As the testing programme continues, we intend to provide the production, pressure and fluid data to Sproule ERCE to support an updated independent assessment incorporating the newly identified oil potential, while simultaneously advancing plans for the next phase of operations, including gas analysis, development planning and evaluation of broader opportunities across both Sagebrush and Coyote Wash.
We believe we have assembled two exceptional projects within one of North America’s most prospective helium fairways and look forward to updating shareholders as we continue to advance them.”
A Year of Transformation
Over the past twelve months Quantum has undertaken a significant strategic transformation, rationalising its portfolio, divesting non-core assets and focusing capital and management attention on its Colorado helium and energy projects.
During this period the Company rebranded to Quantum Helium, increased its working interest in Sagebrush to 90%, retained 100% ownership of Coyote Wash and successfully advanced the ongoing Extended Production Test at Sagebrush-1.
Building a Leading Colorado Helium Position
During 2025 and early 2026, independent consultants Sproule ERCE completed separate resource assessments for Sagebrush and Coyote Wash.
Together, these assessments confirmed more than 1 Bcf of gross prospective helium resources across the Company’s Colorado portfolio, with the ongoing Sagebrush Extended Production Test further validating the underlying resource potential.
Together, Sagebrush and Coyote Wash represent one of the largest independently assessed helium resource positions on the London market.
Regulatory Progress and Tribal Partnership
During the past year the Company secured the regulatory approvals required to advance operations at Sagebrush, including operatorship approval from the Bureau of Indian Affairs.
Quantum worked closely with the Bureau of Indian Affairs and the Ute Mountain Ute Tribe throughout this process and would like to acknowledge their continued support and constructive engagement, which enabled the ongoing Extended Production Test at Sagebrush-1.
Sagebrush-1
The Sagebrush-1 well has long been recognised as a significant helium discovery, having previously recorded helium concentrations of 2.76% during historic testing.
The ongoing Extended Production Test has confirmed helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation, while generating important engineering, production and reservoir data to support future development.
Laboratory analysis has confirmed helium concentrations of 2.5%, significantly exceeding typical commercial helium concentrations and further validating the Company’s long-held interpretation of the project’s potential.
Testing has also identified commercial oil production from the Leadville Formation, a result not included within previous independent resource assessments and one which has the potential to materially enhance the economics of the Sagebrush Project.
Existing Production and Growing Oil Opportunity
Existing oil production at Sagebrush continues to provide an important source of revenue and operational cash flow.
During 2025, the field produced approximately 12,343 barrels of oil, generating gross revenue of approximately US$617,000. During the first quarter of 2026, Sagebrush produced a further 2,482 barrels, generating gross revenue of approximately US$108,000 before royalties, taxes and operating costs.
With production remaining unhedged, Quantum continues to benefit from the recent strengthening in oil prices. The commercial oil identified during the ongoing Extended Production Test was not included within previous independent resource assessments and will be incorporated into the planned Sproule resource update.
Positioning for the Next Phase of Growth
The Extraordinary General Meeting to be held next week will consider a proposed share consolidation.
The Board believes the consolidation is an important step in improving the Company’s market positioning and creating a capital structure more suitable for attracting a broader range of investors.
The Company continues to evaluate a potential OTC listing in the United States. The Board believes an OTC listing could significantly increase Quantum’s visibility within the world’s largest helium and energy investment market and provide access to a broader pool of potential investors. In recent months the Company has experienced increasing interest from North American investors, reflecting both the location of its assets in the United States and growing investor interest in the helium sector.
The proposed share consolidation is intended to better position the Company for a potential OTC quotation, while also achieving a more appropriate share price level and capital structure for a company of Quantum’s size and stage of development. Any potential OTC listing would remain subject to regulatory approvals.
Outlook
Key priorities for the remainder of 2026 include:
- Consolidate and evaluate all engineering, production and reservoir data collected during the ongoing Extended Production Test while continuing to advance field development planning
- Establish stabilised gas flow rates from the Leadville Formation as the ongoing Extended Production Test progresses
- Updating independent resource assessments to incorporate the newly identified oil potential
- Advancement of development planning at Sagebrush
- Integration of recent test and seismic results into future well planning at Sagebrush and Coyote Wash
- Progression of opportunities at Coyote Wash
- Evaluation of a potential OTC market listing
Quantum enters the next phase of its development with independently assessed helium resources, a successful Sagebrush testing programme, an emerging commercial oil opportunity and multiple near-term catalysts ahead.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Successful Sagebrush-1 Extended Production Test Confirms Helium-Bearing Gas, Reservoir Connectivity and Commercial Oil Production
Successful Sagebrush-1 Extended Production Test Confirms Helium-Bearing Gas, Reservoir Connectivity and Commercial Oil Production
New oil play identified alongside one of the largest independently certified helium resource positions on the London market
Quantum Helium Limited (AIM: QHE) is pleased to provide an update on the Extended Production Test (“EPT”) at the Sagebrush-1 well in Colorado, where the Company holds a 90% working interest, which remains ongoing. The EPT has been successful in confirming helium-bearing gas, reservoir connectivity and commercial oil production from the Leadville Formation, while generating significant new data to support future development and resource evaluation.
Highlights
- Helium concentrations of 2.5% confirmed by laboratory analysis of recovered gas samples – consistent with historical testing and significantly above typical industry concentrations of approximately 0.3% to 1.0%
- Acid fracture stimulation successfully established connectivity with natural fracture systems, with pressure build-up reaching approximately 90% of virgin reservoir pressure as measured by downhole gauges
- High injectivity confirms the presence of a significant natural fracture system, providing important information for appraisal and development planning
- Commercial oil production identified from the Leadville Formation (between 7,250 and 7,360 feet depth) – an unexpected outcome that opens a new hydrocarbon play in the Sagebrush area, with potential rates of up to 40 barrels per day gross to working interest indicated by initial testing results and reservoir analysis over a more than two week period.
- More than 80 barrels of oil recovered during testing operations to date
- EPT production, pressure and fluid data to be provided to Sproule ERCE for review, including assessment of the newly identified oil potential
- Next phase underway – additional perforations and completion modifications to increase reservoir exposure and accelerate further required cleanup, with existing production equipment on site to support longer-term operations. The Company expects to inform flow rate potential from the Leadville following ongoing clean up operations to remove injected fluid
Operational Update
The EPT at Sagebrush-1 has generated a substantial body of production, pressure and reservoir data from the Leadville Formation. Helium-bearing gas continues to be recovered throughout testing operations, with laboratory analyses indicating helium concentrations of approximately 2.5%, consistent with historical testing and significantly above typical commercial helium concentrations. Other major gas components, including carbon dioxide, nitrogen and methane, are consistent with the original 1993 drill stem test, providing further confidence in the quality of the recovered gas stream.
The Company has successfully completed an acid fracture stimulation programme. Analysis of downhole pressure and production data indicates the treatment established connectivity with the natural fracture system and confirmed strong virgin reservoir pressure characteristics, with pressure build-up reaching approximately 90% of virgin reservoir pressure within four days following stimulation, as measured by downhole pressure gauges.
Strong gas flows have been consistently observed following swabbing operations. Early recovery of stimulation fluids, spent acid and formation liquids is progressing as expected, with continued cleanup expected to enhance gas deliverability and support improved production performance. Present operations are focused on recovering injected fluids, including spent acid, solvents, additives and load water introduced during stimulation operations.
The presence of stimulation fluids and load water within the fracture network currently impacts the Company’s ability to accurately assess achievable sustained gas flow rates. Ongoing fluid recovery operations are therefore focused on restoring the reservoir to production conditions and enabling a more representative evaluation of long-term gas deliverability. While cleanup operations are expected to continue for a period of time, gas flow rates are expected to become progressively more representative as fluid recovery advances, enabling the Company to better assess the long-term productive capacity of the reservoir.
Testing has also demonstrated high injectivity within the formation, indicating the presence of a significant natural fracture system. Management believes this information will be important in guiding appraisal, development planning and field optimisation activities.
A significant and value-enhancing outcome of the Extended Production Test has been the identification of commercial oil production from the Leadville Formation – a result that was not anticipated prior to testing and that has established a new hydrocarbon play in the Sagebrush area, where commercial oil production from the Leadville Formation has not previously been demonstrated.
More than 80 barrels of oil have been recovered during testing operations to date.
Based on production data and analysis by the Company’s technical team, the well may support oil production rates of up to 40 barrels per day gross to the Company’s working interest and before royalties following completion of the optimisation programme currently underway, representing a significant addition to the overall value proposition of the Sagebrush Project and broader prospect inventory.
The Company believes the identification of oil at Sagebrush may have implications beyond the Sagebrush Project itself and could influence appraisal and development strategies across its wider Colorado portfolio, including the Coyote Wash prospects.
With the Extended Production Test now approaching completion, the Company is transitioning towards detailed analysis of the production, pressure and reservoir data collected during the programme. This analysis will assist in determining the optimal development strategy for both helium and oil at Sagebrush and will also provide valuable information for the evaluation of the Company’s wider Colorado portfolio.
Next Phase of Operations
The Company is now implementing the next phase of the testing programme, which includes:
- Removal of current isolation packer and retrievable bridge plug;
- Commingling of multiple upper Leadville intervals;
- Addition of approximately 25 feet of new deep penetrating perforations, increasing total perforated reservoir exposure to approximately 49 feet at a depth of between 7,215 and 7,240 feet.
- Aggressive fluid recovery operations; and
- Installation of rod pump and pumpjack equipment to facilitate longer-term fluid recovery and production operations.
- As fluid recovery and reservoir cleanup continue, the Company expects to be in a progressively better position to assess sustained gas flow rates from the Leadville Formation. The resulting production data will form an important component of the Company’s ongoing evaluation of the commercial development potential of the Sagebrush Project.
Management believes these modifications will provide significantly greater reservoir exposure and improve the Company’s ability to evaluate the productive capacity of the Leadville Formation and further announcements will be made as appropriate. Data gathered from the EPT will be used to support engineering studies directed towards optimising further commercialisation of the Sagebrush Project.
Resource Base
Sagebrush hosts a Sproule ERCE independently verified 2U gross helium resource of 134 MMscf. Together with the 0.97 BCF 2U gross helium resource independently verified at Coyote Wash in December 2025, Quantum’s total independently certified 2U gross helium resource base stands at 1.104 BCF across its Colorado portfolio, establishing the Company as one of the largest independently certified helium resource holders listed on the London Stock Exchange.
The objective of the EPT has been to optimise well performance and determine the most effective method of achieving sustained commercial production from an already independently verified helium accumulation. The principal focus now moves to engineering optimisation and reservoir cleanup.
Sproule ERCE Review
Quantum intends to provide the production, pressure and fluid data generated during the EPT to Sproule ERCE for review. At the time of the original Sagebrush resource evaluation, the Leadville Formation was assessed primarily as a helium and gas reservoir; the newly identified oil production was therefore not incorporated into that assessment. The Company believes this data may refine future resource assessments and provide an opportunity for Sproule ERCE to evaluate a broader hydrocarbon component of the Leadville Formation than previously considered.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “We are nearing completion of a complex testing programme designed to evaluate reservoir potential and identify the most effective engineering solutions for field development. The preliminary results obtained to date have exceeded our expectations in several key areas and we look forward to conducting a detailed review of the data to help guide the future development strategy for both helium and oil across Sagebrush and the wider portfolio.
The Extended Production Test has confirmed helium concentrations consistent with historical testing, demonstrated reservoir connectivity, strong pressure characteristics and the effectiveness of our fracture stimulation programme. Pressure build-up following stimulation reached approximately 90% of virgin reservoir pressure, while recovered gas compositions match those recorded during the original 1993 drill stem test.
Sagebrush already hosts an independently verified helium resource, and Quantum holds more than 1.1 BCF of independently certified helium resources across its Colorado portfolio. This programme is about determining the optimal engineering solution for producing that helium, not proving its existence.
A significant and value-enhancing outcome from the programme has been the identification of commercial oil production from the Leadville Formation. More than 80 barrels of oil have already been recovered during testing and, importantly, commercial oil production from the Leadville has not previously been demonstrated in the Sagebrush area. With indicated production rates of up to 40 barrels per day gross, this represents a material addition to the overall value proposition of Sagebrush and may have broader implications across our Colorado portfolio.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain.
Qualified Person Statement
The information contained in this announcement has been reviewed and approved by Howard McLaughlin, Chief Executive Officer for Quantum Helium, who has more than 45 years of experience in the oil and gas industry and is a member of the American Association of Petroleum Geologists.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the USA. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Q1 2026 Oil Production & Corporate Update
Quantum Helium Limited (AIM: QHE) is pleased to provide an update on oil production from its Sagebrush Project in Colorado, in which it holds a 90% working interest, for the first quarter ended 31 March 2026. This announcement follows the Company’s previous production announcement in respect of 2025 oil production released on 23 March 2026
Highlights
- Q1 2026 gross oil production of 2,482 barrels (Calendar Q4 2025: 2,645 barrels)
- Gross revenue before royalties, taxes and operating costs of US$108,288 (Calendar Q4 2025: US$118,954)
- Average realised oil price of US$57.44 per barrel during Q1 2026 (Calendar Year 2025 average US$52.20)
- Oil prices remained supported during the quarter amid ongoing geopolitical tensions in the Middle East
- Existing oil production continues to support Quantum’s helium-focused development strategy at Sagebrush
- Oil production from the wider Sagebrush field continues, with Sagebrush-1 currently dedicated to the ongoing extended production test programme
- Company investigating potential secondary listing on the OTC market in the United States
Sagebrush Q1 2026 Oil Production and Revenue (Gross 100%)
|
Notes:
- Figures are reported on a 100% project basis and are not adjusted for Quantum’s working interest.
- Revenue figures are before royalties, taxes and operating costs.
- All oil sales remain unhedged.
Operational Overview
Oil production from the Sagebrush Project continued throughout Q1 2026 from multiple producing wells, generating gross revenue of US$108,288 before royalties, taxes and operating costs.
The quarter benefited from a supportive oil price environment, particularly during March, as geopolitical tensions in the Middle East increased volatility across global energy markets.
Quantum believes the current oil market environment further highlights the strategic value of maintaining oil production alongside its helium exploration and development activities at Sagebrush.
The Company continues to progress the extended production test at the Sagebrush-1 well, which remains a key operational focus as Quantum advances its broader helium development strategy across the Sagebrush Project.
During the test programme, Sagebrush-1 has been taken out of normal oil production operations and dedicated to testing activities. Production from the Company’s other Sagebrush wells continues as normal. As a result, overall field production during Q2 2026 is expected to be lower than recent quarters while the extended production test at Sagebrush-1 remains ongoing.
Strategic Importance of Oil Production
Oil production at Sagebrush continues to play an important role within Quantum’s broader strategy by:
- Providing near-term revenue generation
- Supporting helium-focused exploration and development activities
- Demonstrating existing production capability across the asset base
This integrated approach allows Quantum to maintain operational momentum while advancing its helium projects and broader development activities.
Market Context
Oil markets remain highly volatile and sensitive to geopolitical developments, particularly in the Middle East. During Q1 2026, crude prices strengthened amid heightened tensions involving Iran and concerns regarding disruption to regional supply routes, including the Strait of Hormuz.
As Quantum’s oil production remains unhedged, the Company retains exposure to strengthening commodity prices.
Outlook
Quantum expects oil production from the Sagebrush field to continue alongside its helium-focused activities, with production from other Sagebrush wells continuing while the extended production test at Sagebrush-1 remains underway. The Company’s primary focus remains the successful completion of the test programme and advancing development planning across the broader Sagebrush and Coyote Wash portfolio.
Corporate Update
Further to the Company’s announcement on 3 June 2026 regarding the proposed share consolidation and Notice of Extraordinary General Meeting, the Company advises that it is currently investigating options for a potential secondary listing of its ordinary shares on the OTC market in the United States.
The Board believes that an OTC quotation could provide Quantum with increased visibility amongst North American investors and improve access to a broader pool of potential investors, particularly given that the Company’s core helium and hydrocarbon assets are located in Colorado, USA.
In recent months, the Company has received a growing level of inbound interest from U.S.-based investors, reflecting both the location of its assets within the United States and increasing investor interest in the helium sector. Recent market reports have highlighted a significant increase in helium prices following disruptions to supply from Qatar, one of the world’s largest helium producers, further reinforcing the strategic importance of securing new sources of helium production. The Board believes an OTC quotation could enhance the Company’s ability to engage with this audience and broaden its shareholder base over time.
As part of the Company’s evaluation of a potential OTC secondary listing, the Board has considered the listing requirements and market expectations applicable to certain OTC market tiers, including minimum share price requirements. These considerations formed part of the Board’s rationale for proposing the share consolidation announced on 3 June 2026.
The Board believes the proposed share consolidation will better position the Company for a potential secondary OTC quotation, while also achieving a more appropriate share price level and capital structure for a company of Quantum’s size and stage of development.
The Company notes that investigations regarding a potential OTC secondary listing remain at an early stage and no decision has yet been made to proceed. Any potential OTC secondary listing would be subject to applicable regulatory approvals and the satisfaction of relevant OTC market requirements.
Quantum will provide further updates as appropriate.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “Q1 2026 delivered another solid quarter of oil production and revenue generation for Quantum, with gross revenue of c.US$108,000 before royalties, taxes and operating costs. This is an excellent result and reflects both stable field operations and the strengthening oil price environment during the quarter.
Recent geopolitical developments in the Middle East have again demonstrated how sensitive global energy markets remain to supply disruptions. With our production unhedged, Quantum remains well positioned to benefit from stronger oil prices while continuing to advance our broader helium strategy across Sagebrush and Coyote Wash.
Importantly, our existing oil production continues to support operational activities across the business and reinforces our strategy of combining helium development with hydrocarbon production. While Sagebrush-1 is currently dedicated to the ongoing extended production test programme, production from our other Sagebrush wells continues and we remain focused on maximising value from both our hydrocarbon and helium assets.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia
Quantum Helium #QHE – Operational Update. Sagebrush-1 Extended Production Test
Quantum Helium Limited (AIM: QHE) is pleased to provide a further operational update on the ongoing extended production test at the Sagebrush-1 well in Colorado, USA.
Highlights
- Extended production test continuing at Sagebrush-1
- Initial acid injection programme successfully completed on the upper Leadville zone
- Technical analysis supports progression to the next phase of reservoir stimulation
- Planned fracture stimulation designed to enhance reservoir connectivity
- Preliminary analysis confirms raw gas produced has close similarities to gas analysis conducted in 1994
- Further operational updates expected in due course
Operational Update
Operations continue to advance at Sagebrush-1 as the Company progresses the extended production test designed to evaluate the commercial potential of the helium-bearing Leadville Formation.
Over recent weeks, the Company has undertaken a number of testing, monitoring and acidization activities designed to evaluate reservoir performance and optimise the forward testing programme. As is common during complex testing programmes involving historic wells, certain operational adjustments were required as the programme progressed with testing of the lower Leadville horizon appearing to have been impacted by the performance of downhole testing equipment, requiring additional operational work before testing could continue. These matters have now largely been addressed and the Company has successfully advanced into the next phase of reservoir evaluation.
Following completion of this work, the Company successfully carried out an initial acid injection programme on the upper Leadville dolomite interval at approximately 7,250 feet depth. During the treatment, the formation accepted fluids at increased injection rates and pressures relative to earlier operations, providing encouraging indications regarding communication with the reservoir. The pre-stimulation programme was designed to improve near-wellbore reservoir connectivity and reduce historical formation damage.
Initial engineering analysis indicates the treatment successfully extended beyond the immediate wellbore area and established communication with the targeted reservoir interval, providing valuable insight into reservoir characteristics, response to acidization and the effectiveness of pre-stimulation techniques within the Leadville Formation.
Preliminary gas analysis has confirmed the raw gas has close similarities to the gas analysis conducted in 1994 (which had previously indicated helium content of 2.76%).
Pressure build-up monitoring undertaken following the initial pre-stimulation programme has continued to provide valuable insight into reservoir characteristics and behaviour. The information gathered has helped inform the design of the next phase of operations and further refine the Company’s understanding of the Leadville reservoir.
Based on this work, Quantum and its technical team have concluded that the results obtained to date support progression to the next phase of reservoir fracture stimulation. The planned programme is designed to establish communication with undamaged reservoir beyond the immediate wellbore area and provide a more representative assessment of the Leadville Formation’s production potential. The Company believes this next phase of testing represents an important step towards evaluating the reservoir’s commercial potential.
The Board is encouraged by the technical progress achieved to date. The extended production test has successfully generated valuable reservoir and pressure data which is helping to refine the Company’s understanding of the Leadville Formation and guide future development planning. The next phase of fracture stimulation and testing represents an important step towards evaluating the commercial potential of the reservoir.
The Company notes that Sagebrush-1 was originally drilled approximately 30 years ago. Whilst technical and operational challenges can occur when re-entering and testing wells of this age, the successful resolution of these issues has allowed the programme to advance into what the Company considers to be an important phase of reservoir evaluation.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “The extended production test continues to generate valuable technical information and has significantly improved our understanding of the Leadville reservoir. The data collected to date supports a progression to a larger fracture stimulation programme designed to improve communication with the broader Leadville reservoir and provide a more meaningful assessment of the formation’s production potential.”
Importantly, the programme has generated exactly the type of reservoir data we set out to obtain. Every stage of testing has improved our understanding of the Leadville Formation and helped define the most effective path forward. The information gathered so far is helping us optimise the programme as we work towards evaluating the commercial potential of the Leadville Formation.
The planned fracture stimulation work is designed to enhance connectivity with the formation and should provide a much more meaningful assessment of reservoir performance. We are encouraged by the results obtained so far and believe the programme is advancing into a particularly important phase.
Preliminary gas analysis has also been encouraging, with the raw gas encountered during the current programme showing close similarities to the gas analysis obtained from Sagebrush-1 in 1994, which previously indicated helium content of 2.76%. Whilst further analysis remains ongoing, this represents another encouraging outcome from the programme to date.
We look forward to updating shareholders as operations continue and additional data becomes available.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain.
Qualified Person Statement
The information contained in this announcement has been reviewed and approved by Howard McLaughlin, Chief Executive Officer for Quantum Helium, who has more than 45 years of experience in the oil and gas industry and is a member of the American Association of Petroleum Geologists.
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – £5 Million Institutional Placing Positions Quantum for Next Phase of Growth
Quantum Helium Limited (AIM: QHE) is pleased to announce it has today raised £5 million (before expenses) by way of a conditional placing of 16,666,666,667 new ordinary shares (the “Placing Shares”) at a price of 0.03 pence per share (the “Placing Price”) (the “Placing”).
The Placing was arranged by OAK Securities and was undertaken with a number of institutional investors who approached the Company, reflecting growing interest in Quantum’s asset base and the strategic importance of domestic US helium supply.
Highlights
- £5 million institutional placing
- Cornerstoned by institutional investors following inbound demand
- Validates the strength of Quantum’s helium portfolio and US strategic positioning
- Funding supports the next phase of development at Sagebrush and Coyote Wash
- Multiple near-term catalysts, including results from the Company’s extended production test at Sagebrush
- Strengthened balance sheet and cash resources positions the Company well for next phase of growth
Background to the Placing
The Company has received increasing inbound interest from institutional investors in recent months, driven by the scale and quality of its helium portfolio and the growing strategic importance of helium as a critical commodity.
Helium plays an essential role in a wide range of high-value industries, including semiconductor manufacturing, AI infrastructure, medical imaging and advanced manufacturing, with demand continuing to increase.
At the same time, global helium supply remains constrained, with recent geopolitical developments, including disruptions in the Middle East, highlighting the importance of secure and domestic supply chains. This backdrop has resulted in increased investor focus on US-based helium development opportunities.
Quantum believes it is well positioned within this environment, with a portfolio of helium assets located in a proven US helium fairway and a clear pathway towards development and production.
Use of Funds
Proceeds from the Placing will be used to:
- Advance development planning and engineering at the Sagebrush Project
- Progress permitting, planning and progressing to drill-ready targets at Coyote Wash (100% owned)
- Fund well planning, long-lead items and infrastructure design at the Company’s Sagebrush and Coyote Wash projects
- Support ongoing technical work, including seismic interpretation and subsurface modelling
- Provide additional working capital and financial flexibility
The Company’s extended production test at the Sagebrush-1 well which remains the key near-term operational milestone is being funded from existing cash resources.
Current Operations
As announced on 16 April 2026, the extended production test at the Sagebrush-1 well is progressing well, with operations advancing in line with expectations.
The next phase of operations will focus on the perforation and testing of the first of two zones in the Leadville Formation. The Lower Leadville will be tested first, followed by a test of the upper Leadville where the DST was previously run. Perforations are scheduled to start this coming week.
The testing programme is designed to evaluate flow characteristics and confirm historical helium concentrations, including the previously reported 2.76% helium, and represents a critical step towards converting resources into reserves and advancing towards commercial development.
The Company expects a number of significant operational updates in the coming weeks as testing progresses through this key phase.
Carl Dumbrell, Chairman of Quantum Helium, said: “This is a very strong outcome for the Company and we are pleased to have secured the support of a number of high-quality institutional investors who recognised the strength of our asset base and the opportunity we are developing.
The Placing reflects increasing awareness of the strategic importance of helium, particularly in the United States, where there is a growing need for secure and domestic supply. Recent global events have further highlighted supply constraints, and we believe Quantum is well positioned to play a role in addressing this.
Importantly, this funding places the Company in the strongest financial position it has ever been in and allows us to accelerate our development plans while maintaining momentum across our operations.
We look forward to delivering on the significant milestones ahead and continuing to build value for shareholders.”
Quantum Chief Executive, Howard McLaughlin, added: “As outlined in our recent operational update, the extended production test program at Sagebrush-1 is progressing well and represents a major step towards unlocking the commercial potential of this project.
We are particularly excited about the upcoming perforation of the Lower Leadville Formation, which is expected to provide critical data on helium concentrations and flow rates. This will build on the historic results and further strengthen our understanding of the reservoir.
With this successful placing, we are now fully funded to execute our broader work programme across both Sagebrush and Coyote Wash. We have a number of important and exciting milestones ahead and remain confident in the outcome of the extended production test.
Our focus is firmly on progressing our projects towards commercialisation and establishing Quantum as a leading helium developer in the United States.
Additional Information
Quantum Helium has appointed OAK Securities (a trading name of Merlin Partners LLP), to act as the Company’s exclusive bookrunner and placement agent in connection with the Placing. Subject to and conditional on Admission, OAK Securities will be paid an annual broker retainer of £50,000 payable in cash, a one-off corporate advisory fee of £15,000 payable in cash, a cash commission in an amount equal to six per cent (6.0%) of the gross proceeds raised pursuant to the Placing. The Company will also issue OAK Securities warrants (the “Broker Warrants“) to subscribe for 6.0% of the number of Placing Shares placed in the Placing, with such Broker Warrants being exercisable at a price per share equal to the Issue Price for 3 years from the date of the closing of the Placing.
The Placing Shares, when issued and fully paid, will rank pari passu in all respects with the existing Common Shares in issue and therefore will rank equally for all dividends or other distributions declared, made or paid after the issue of the new Placing Shares.
Admission to AIM and Total Voting Rights
The Placing is conditional, inter alia, upon the Placing Shares being admitted to trading on AIM. Application has been made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the Company’s existing issued ordinary shares, to be admitted to trading on AIM and dealings are expected to commence at 8:00 a.m. on or around 23 April 2026.
Following the issue of the Placing Shares, the Company’s total voting rights will comprise 49,985,396,722 Ordinary Shares of no par value, and the Company does not hold any shares in treasury. The above figure may therefore be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Companies’ Articles.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 Joint Broker OAK Securities Jerry Keen / Robert Bell Tel: +44 (0) 203 973 3678
|
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Sagebrush-1 Testing Progresses; Key Leadville Perforation Next Week
Quantum Helium Limited (“Quantum” or the “Company”) is pleased to provide an operational update on the extended production test at the Sagebrush-1 well, Colorado.
Highlights
- Extended production test program progressing well, with operations advancing in line with plan
- Lower Leadville perforation scheduled for next week, targeting the primary helium-bearing interval
- Key well preparation milestones are progressing, including cementing, casing integrity testing and drill-out operations
- Testing programme designed to test flow rates and confirm historical helium concentrations of 2.76%
- Critical step towards converting prospective helium resources into reserves and commercial development
Operational Update
Operations at Sagebrush-1 continue to progress well, with the extended production test now actively underway.
Over the past week, the Company has successfully completed key preparatory and completion activities, currently completing cementing operations across the currently producing Ismay zone, pressure testing of casing, and drill-out of cement and bridge plug. These works are essential to ensure well integrity and optimise conditions ahead of flowing the primary target interval.
The next phase of operations will focus on the perforation and testing of the Lower Leadville Formation, the principal helium-bearing reservoir at Sagebrush, with perforation operations scheduled to start over the coming week as the programme moves into its key testing phase.
The Leadville test is designed to evaluate flow characteristics and confirm helium concentrations, building on historic testing at the Sagebrush-1 well, which recorded helium concentrations of 2.76%.
The Company will continue to provide updates as operations progress through this critical phase of testing.
Project Progress to Date
Quantum has delivered a series of significant milestones to reach this stage of operations, including:
- Acquisition and consolidation of the Sagebrush Project
- Approval of key agreements with the Ute Mountain Ute Tribe
- Securing and funding of the Irrevocable Letter of Credit for bonding purposes
- Approval of lease assignments and operatorship by the BIA and relevant regulators
- Completion of 3D seismic across the project area, identifying a large, well-defined structure
- Final regulatory approvals enabling commencement of field operations
These achievements position the Company strongly as it moves into the most critical stage of the extended production test.
Strategic Context
The extended production test at Sagebrush-1 represents a key step in Quantum’s strategy to unlock the value of its helium portfolio.
The Company holds over 1 Bcf of 2U prospective recoverable helium resources across Sagebrush and Coyote Wash, representing one of the largest independently assessed helium portfolios among London-listed companies.
The current testing programme is focused on advancing Sagebrush from a resource-stage asset towards reserves, development and ultimately commercial production, while further growth potential exists across multiple drill-ready prospects at Coyote Wash.
This strategy is supported, in part, by Quantum’s existing oil production at Sagebrush, which has continued to generate revenue and contribute towards funding helium-focused operations.
Quantum Chief Executive, Howard McLaughlin, commented: “We are very pleased with the progress being made at Sagebrush-1, with operations advancing smoothly through the initial phases of the extended production test program.
What sets Quantum apart from many of our peers is that we are not searching for helium – we already have a significant, independently assessed helium resource base. Our focus now is on confirming the historical helium concentration of 2.76% recorded at Sagebrush-1, and moving the resource into reserves, through appraisal and ultimately commercial development.
The upcoming perforation of the Lower Leadville Formation is a major milestone for the Company and marks the transition into the key testing phase. This is the interval we believe holds the greatest potential, and we are excited to now be entering this stage of operations.
Importantly, Sagebrush is just one part of a much larger growth story. With a substantial prospective helium resource base and multiple drill-ready targets at Coyote Wash, we believe Quantum is uniquely positioned in the London market as we move into the next stage of value creation.
We look forward to keeping shareholders updated as the flow testing program and results become available in due course.”
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia.
Quantum Helium #QHE – Extended Production Test Commences at Sagebrush-1
Quantum Helium Limited (AIM: QHE) is pleased to announce that the extended production test at the Sagebrush-1 well in Colorado has now commenced.
Chief Executive Officer, Howard McLaughlin, is on site overseeing operations as the Company moves into this critical phase of activity.
Highlights
- Extended production test underway at Sagebrush-1
- CEO on site to oversee testing operations
- Test to evaluate flow rates and helium concentrations
- Key step towards converting prospective resources into reserves
- Results expected to inform development planning
Sagebrush-1 – Key Milestone
Sagebrush-1 is a proven helium discovery well, with historic testing confirming helium concentrations of approximately 2.76% from the Leadville Formation.
The extended production test is designed to establish flow characteristics and confirm the commercial potential of the reservoir. This represents a critical step in advancing the Company’s prospective helium resources towards reserves and underpins future development planning.
The well benefits from existing infrastructure and does not require new drilling, allowing for a low-cost and efficient test programme.
Strategic Context
Quantum holds over 1.1 Bcf of independently verified prospective helium resources across its Sagebrush and Coyote Wash projects, positioning the Company as one of the largest verified helium resource holders among London-listed peers.
The commencement of testing at Sagebrush-1 represents a major value inflection point, moving the Company from discovery towards potential production.
With global helium markets tightening and spot prices rising significantly, the Company believes this test is well timed within a highly supportive macro environment.
Outlook
Testing is expected to run over the coming weeks, with results to be announced once analysis has been completed.
Howard McLaughlin, Chief Executive Officer of Quantum Helium, commented: “Commencing the extended production test at Sagebrush-1 is a major milestone for Quantum and an important step forward for the Company.
This well has already demonstrated the presence of helium, and this programme is focused on confirming flow rates and commercial potential. The results will be critical in moving our prospective resources towards reserves and defining the pathway to development.
We will keep shareholders informed as testing progresses and look forward to reporting the results in due course.
With strong momentum across our Colorado portfolio and increasing global demand for helium, we believe this is a highly significant phase for the Company.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon publication via Regulatory Information Service (‘RIS’), this information is now in the public domain
Enquiries:
| Quantum Helium Limited
Carl Dumbrell Chairman
|
NOMAD and Joint Broker
SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
| Brand Communications
Alan Green Tel: +44 (0) 7976 431608 |
Joint Broker
CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632 |
Updates on the Company’s activities are regularly posted on its website: www.quantum-helium.com
Notes to editors
Quantum (AIM: QHE) is a helium, hydrogen and hydrocarbon exploration, development, and production company with projects in the US and Australia. Quantum’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration. The Company has several projects in the US, in addition to royalty interests in Australia