REG - Helix Exploration - Clink #1 Operational Update & Rudyard Leases

Helix ExplorationAnnouncement

19/09/2024 07:00

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RNS Number : 7807E  Helix Exploration PLC  19 September 2024

19 September 2024

Helix Exploration PLC

("Helix Exploration" or "Helix" or the "Company")

 

Clink #1 Operational Update

&

Rudyard Project Leases

 

Helix Exploration, the helium exploration and development company focused on
helium deposits within the 'Montana Helium Fairway', is pleased to provide an
operational update on the Clink #1 well at the Ingomar Dome Project where
significant shows of helium and hydrogen gas from the Amsden, Charles, and
Flathead sandstone formations have been encountered.

 

Highlights

 

·    Helix has executed a contract with Precision Drilling for the use of
Rig 704

·    Mobilisation will commence the week starting 30 September 2024 with
re-entry targeted to commence in the first two weeks of October 2024

·    The rig is currently located in Wyoming which reduces mobilisation
time and cost

·    Rig 704 is rated to drill to 15,000ft, allowing the Company to assess
opportunities to deepen the well

·    Re-entry, wireline and completion is expected to take circa two-weeks
with flow testing to follow a successful completion

 

Bo Sears, CEO of Helix Exploration, said:

 

"We are delighted to welcome Precision Drilling and make use of the 704 rig to
re-enter our Clink #1 borehole.  Clink #1 shows excellent prospectivity for
helium with gas shows on all our target horizons and, in addition, hydrogen
gas shows in the Flathead sandstone formation.  We look forward to keeping
the market informed as we re-enter and test the well."

 

Clink #1

Precision Drilling Corporation is one of the largest drilling companies in
North America with 203 rigs across Canada and the USA.  Rig 704 is an
R.A.Hodgson / MT106-9.5-400G Telescopic Double with technical capacity to
provide the Company with the greatest advantage as it re-enters the Clink #1
well to insert intermediate casing over the problematic Mowry Shale.

As announced on 3 September 2024, Clink #1 was suspended at a total depth of
8,030ft (2,450m) while still in Flathead formation and with elevated gas
readings in mud.  Rig 704 has capacity to deepen the well and test the full
thickness of the Cambrian and any potential fractured basement play in
Pre-Cambrian basement.  The decision regarding whether to deepen the well
will be made based on the condition of the well on re-entry.

 

Rudyard

The Company has secured a further 1,074 acres of leases at its Rudyard Project
in northern Montana.  Leases were secured via direct negotiation with a
landowner and brings the Company's total landholding at Rudyard to
approximately 6,674 acres.

As announced on 20 June 2024, Rudyard Project hosts a helium discovery within
a domal anticline with helium gas up to 1.3% Helium flowed to surface from two
wells drilled adjacent to the Company's leases.  The domal anticline has
Contingent Resources of 484,000Mcf (0.48Bcf) He gross with in-situ value of
>$250 million at helium price of $550/Mcf.

The Company is targeting to mobilise Treasure State drilling Cardwell KB-150
D1D drilling rig, based out of Oilmont, Montana, for appraisal drilling at
Rudyard in late-October 2024.

 

Investor Presentation via Investor Meet Company

David Minchin (Chair) and Bo Sears (CEO) will be hosting an Investor Meet
Company presentation and Q&A on 23 September 2024, 14:00 BST. Interested
parties can register for the event via this link:

https://www.investormeetcompany.com/helix-exploration-plc/register-investor
(https://www.investormeetcompany.com/helix-exploration-plc/register-investor)

The presentation will focus on findings from the Clink #1 well, as well as
forward plans at Ingomar and Rudyard.  Questions to the Company can be
submitted via the Investor Meet Company platform prior to 22 Sept 2024, 09:00
BST or during the live presentation.

 

 

 

 

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

 Bo Sears       via Camarco
 David Minchin  info@helixexploration.com (mailto:info@helixexploration.com)

Cairn - Nominated Adviser

 Liam Murray          +44 (0)20 7213 0880
 Ludovico Lazzaretti
 James Western

 

Hannam & Partners - Joint Broker

 Neil Passmore              +44 (0)20 7907 8502
 Andy Crispin
 Spencer Mignot

 SI Capital - Joint Broker
 Nick Emerson               +44 (0)14 8341 3500
 Renato Rufus
 Nick Briers

 

OAK Securities - Joint Broker

 Jerry Keen   +44 (0)20 3973 3678
 Henry Clark

Camarco - Financial PR

 Emily Hall     +44 (0)20 3757 4980
 Tilly Butcher  helixexploration@camarco.co.uk (mailto:helixexploration@camarco.co.uk)

 Billy Clegg

 

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/ (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.

 

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