Royal Helium has announced several strategic changes, including the formation of a technical committee to focus on the completion and operational success of its Steveville helium project in Alberta, Canada.
The technical committee is made up of Martin Wood, industry expert Brent Ziegler, and board member Karl Kurz, who will together focus on a disciplined capital allocation and cost control at the project.
David Young, CEO of Royal Helium, described the committee’s formation as instrumental in achieving peak operational excellence and shareholder value.
“Together, their cumulative decades of expertise in spearheading comparable ventures not only fortifies our technical strategy, but also ensures a seamless integration of on-site activities, with executive oversight.”
Royal Helium’s Steveville plant has been engineered to process 15,000 mcf/day of raw gas fed by two of the company’s helium wells. With this, the facility has an output capacity of around 22,000 mcf of 99.9999% helium per year.
The plant will benefit from carbon credits generated under the Technology Innovation and Emissions Reduction System in Alberta. As these carbon credits are monetised, they can provide Royal Helium with a material additional cash flow stream.
The engineered life of the plant is 25 years, while both wells are expected to remain on stream for a minimum of nine years. The plant will also produce enough fuel gas to power the plant, which can produce up to 22 million pounds of commercial carbon dioxide.
Read more: Royal Helium grows sales from Steveville helium plant
Additionally, Royal Helium has announced the appointment of Martin Wood as the new Chairman of the Board. Wood will succeed John Pringle, who has resigned.
Pringle has more than 30 years of experience in the resource industry as both a financier and operator, having served as CEO for a publicly listed resource development company.
Welcoming Pringle to the Board, the Royal Helium CEO, said, “We are excited to have Martin assume the role as Chairman of the Board.”
“In recent weeks, Martin has been intimately involved and has played an instrumental role in crucial corporate realignment initiatives, including his role on the company’s recently formed technical committee.”
Sylvain Laberge has also resigned from the Royal Helium Board.
In addition to the Board Changes, in addition to a new CEO which was announced last week, Royal Helium has also concluded an employee headcount overhaul, which it expects to streamline operations and reduce corporate employee-related G&A by more than 40%.
Read more: Royal Helium CEO Andrew Davidson resigns; David Young takes the reins
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