Helios Energy (ASX:HE8) said an independent contingent resource report validated hydrocarbon potential at its Presidio project in West Texas, according to a Thursday Australian bourse filing.
The hydrocarbon potential was discovered by Helios through drilling, logging, sampling, and testing of four wells in the project.
The report estimates gross contingent resources of 9 million barrels to 15 million barrels of oil, 5 million to 8 million barrels of natural gas liquids, and 74 billion cubic feet to 118 billion cubic feet of gas.
The firm's shares rose 7% in recent trading on Thursday
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