30 October 2024
Helix Exploration
PLC
("Helix Exploration" or
"Helix" or the "Company")
Commencement of Drilling at
Rudyard
Helix Exploration, the helium
exploration and development company focused on helium deposits
within the 'Montana Helium Fairway', is pleased to announce the
commencement of drilling at the Rudyard project ("Rudyard") area in
Montana.
Highlights
·
Commencement of drilling at
the Darwin #1 well, to test the stacked reservoir targets in the
Souris, Red River and Dry Creek intervals.
· Historic drilling has tested helium flow to surface at up to
1.3% He and P50 Gross Contingent Resources of 484,193Mcf across the
Souris and Red River intervals.
· Additional P50 Gross Unrisked Prospective Resources of
112,445Mcf in the untested Dry Creek interval.
· Drilling expected to take 2-3 weeks to complete, followed by
wireline logging and extended flow tests.
· The Company
remains fully funded for the drilling and testing of Darwin #1 at
Rudyard, being run in parallel with extended well testing at Clink
#1 at Ingomar Dome.
Details
Drilling has commenced at Darwin #1
well utilising Treasure State Drilling Cardwell KB-150 D1D
Rig. Surface Casing has been set to a depth of 625ft (190m)
and is preparing to drill on.
Drilling is expected to take 2-3
weeks to reach target depth of 5,500ft. The well is an
appraisal well so will be completed with production casing prior to
perforation and extended well testing.
The Company will keep investors
updated as drilling progresses via RNS, including updates on any
significant helium gas shows in drilling mud, wireline results,
initial flow test gas composition and extended well test
results.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation and
the Directors of the Company are responsible for the release of
this announcement.
Enquiries
Helix Exploration
Cairn - Nominated Adviser
Liam Murray
|
+44 (0)20 7213 0880
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Ludovico Lazzaretti
|
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James Western
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Hannam & Partners - Joint Broker
Neil Passmore
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+44 (0)20 7907 8502
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Spencer Mignot
|
|
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SI
Capital - Joint Broker
|
|
Nick Emerson
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+44 (0)14 8341 3500
|
Renato Rufus
|
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OAK
Securities - Joint Broker
Jerry Keen
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+44 (0)20 3973 3678
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Henry Clark
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Camarco - Financial PR
Notes to Editors
Helix Exploration is a helium
exploration company focused on the exploration and
development of helium deposits within the 'Montana Helium
Fairway'. Founded by industry experts with extensive
experience of helium systems in the US, the
Company's assets comprise of 52 leases over the Ingomar Dome; a
large closure of 16,512 acres with P50 unrisked gross prospective
helium resource of 2.3Bcf and upside of 6.7Bcf. Historic drilling
and/or testing has identified gas in all target reservoir
horizons. The Company's second asset is 6,674 acres in
Rudyard, Montana, where a helium discovery at up to 1.3%He has been
made within the closure from historic drilling adjacent to the
leases. Rudyard has P50 gross contingent helium resources of
482,000Mcf in two stacked reservoirs with a further 112,000Mcf of
gross prospective helium resource within untested
horizons.
Helix Exploration is focussed on
drilling and early production at the Ingomar Dome and Rudyard
Projects. An aggressive development timeline has seen
drilling commence in Q3 2024, with first helium production targeted
for Q4 2025. Helix is committed to open and transparent
communication with investors and the wider market as the project
progresses through development.
The Company's Admission Document,
and other information required pursuant to AIM Rule 26, is
available on the Company's website at https://www.helixexploration.com/.
Caution regarding forward looking statements
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.