Helios Energy (ASX:HE8) must drill 3 wells to earn a 70 per cent working interest in the initial 6,400 acres which comprise the Presidio Oil Project and a 70 per cent working interest in each of these 3 wells.
Helios to date has drilled 2 of those 3 wells, the Quinn Creek 141 vertical well and the Quinn Mesa 113 vertical well.
Helios has been granted an extension until 30 June 2019 to drill the third well.
This is expected to spud in April 2019.
Shares in Helios Energy (ASX:HE8) last traded at 14 cents.