Quantum Helium (QHE ) has had an Irrevocable Letter of Credit, required for bonding, formally approved by the U.S. Bureau of Indian Affairs (BIA).
Approval of the ILOC marks an important regulatory milestone for Quantum Helium and is reflective of a constructive relationship with the BIA.
The approval clears an important prerequisite for the advancement of operations at the Sagebrush project.
The next steps are the assignment of the relevant leases and the formal designation of operatorship, both of which are progressing with the BIA. The company notes that discussions with the BIA have been positive and productive, and momentum across the process continues to build.
"We are very pleased to have received BIA approval of the Irrevocable Letter of Credit,” said Howard McLaughlin, chief executive of Quantum Helium.
“This outcome follows a number of highly constructive meetings with the BIA and confirms that the process is now moving forward positively. With this key milestone secured, we are now focused on completing assignment and operatorship and moving efficiently toward the extended production test at Sagebrush. All long-lead items required for the extended production test have now been secured, allowing the company to move forward with confidence as soon as final approvals are in place.”
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Quantum Helium continues to make steady progress at Sagebrush. The extended production test will be a key moment in the development of the project, and will watched with interest by investors and the BIA alike. This is a company that knows how to operate in its chosen jurisdiction, and which is able to proceed methodically as works towards unlocking the considerable upside that is on offer.