Helios Energy Ltd (ASX:HE8) Secures Funding for Resource Report

Funding Overview

Helios Energy Ltd (ASX: HE8) has announced the successful acquisition of $150,000 in short-term loan funding. This capital will facilitate the completion of a resource report for the Presidio Oil and Gas Project, located in Presidio County, Texas, USA. The report aims to illustrate the potential of the company’s large acreage position in Texas.

Loan Agreements

The loan funding includes contributions from all directors, various company personnel, and Gleneagle Securities Pty Ltd, which serves as the company’s broker and corporate advisor. This funding is in addition to the existing undrawn facility of A$500,000 from Gleneagle, which has been extended for another 12 months.

Executive Insights

Philipp Kin, Managing Director of Helios Energy Ltd, expressed optimism about the company’s future, stating, “The Company is entering an exciting period as it works towards finalising a resource report which will demonstrate the scale and potential of the Company’s core acreage.” He further emphasized the importance of this funding and recent cost reductions in achieving critical milestones for the project. Kin reaffirmed the Board’s commitment to developing the Presidio Oil & Gas Project for the benefit of all shareholders.

View Original Announcement

here

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