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