REG - Helix Exploration - Commencement of Drilling at Rudyard

Helix ExplorationAnnouncement

30/10/2024 07:00

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RNS Number : 1317K  Helix Exploration PLC  30 October 2024

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

 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
 Spencer Mignot

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

 

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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