Highlands Natural Resources (HNR) plans to drill two new wells in south-east Montana in the next 30 days after filing permits with state authorities.
London-listed HNR said the drilling programme for Helios Two will target natural gas and helium deposits.
HNR also said it had bought almost 30,000 acres in Custer County from two private lessors in separate deals worth about $100,000, subject to on-going title verification.
The firm’s total acreage position in the Helios Two prospect area will be about 105,000 acres following the two transactions.
Conversations are also on-going with several parties, including international industrial gas companies and oil and gas companies, who could become joint venture partners.
HNR chief executive Robert Price said: “I am pleased to report the continued efforts of the Highlands team in securing and enhancing its existing lease position in the Helios Two project, and in progressing it to a drillable status.
“Subject to receipt of permit and other approvals, we are now prepared to commence drilling and dewatering operations in order to validate the economics of potential natural gas and helium resources at Helios Two.”