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LONDON - Mendell Helium PLC announced Monday it is expanding into bitcoin mining through its potential acquisition target M3 Helium Corporation, which has secured a new land lease in Nebraska for a well that could power cryptocurrency operations.
M3 Helium plans to begin drilling the Jasper well near Morrill, Nebraska this week, targeting a shallow biogenic methane resource. According to the company, historic tests at nearby wells showed 94% methane content with 950 BTU, potentially suitable for powering generators directly from the wellhead without processing.
The total cost for lease acquisition and drilling is expected to be under $100,000, with results anticipated before the end of August. If successful, the company believes each square mile could support up to 40 wells.
"This opportunity for the Jasper well in Nebraska is a culmination of that work," said Nick Tulloch, CEO of Mendell Helium and Chairman of M3 Helium.
The drilling will use air compression techniques at depths less than 2,000 feet, which the company says reduces costs and environmental impact. The well will not require hydraulic fracturing.
Separately, Mendell Helium provided an update on M3 Helium’s Fort Dodge, Kansas operations, where dewatering and production activities at the Rost 1-26 well are expected to begin in early September. M3 Helium has also secured additional land leases in the area that could support four new wells.
Mendell Helium currently holds an option to acquire M3 Helium, which was recently extended to September 30, 2025. The company noted there is no certainty the option will be exercised.
This information is based on a press release statement from Mendell Helium PLC.
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