REG - Helix Exploration - Completion of Drilling at Darwin #1

Helix ExplorationAnnouncement

13/11/2024 07:15

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RNS Number : 0492M  Helix Exploration PLC  13 November 2024

13 November 2024

 

Helix Exploration PLC

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

 

Completion of Drilling at Darwin #1

 

330ft of Potential Gross Pay Reported

 

Helix Exploration, the helium exploration and development company focused on
helium deposits within the 'Montana Helium Fairway', is pleased to announce
the completion of drilling at the Darwin #1 well at the Rudyard project
("Rudyard") area in Montana.

 

Highlights

·    Total Depth ("TD") of 5,488ft (1,670m) reached in 12 days drilling

·    Significant helium gas-shows in multiple horizons, up to 1,312ppm in
drilling mud

·    Over 330ft of potential gross pay, including formations not tested in
historic drilling

·    Targets hit high to prognosis, indicating a larger anticline
structure than previously modelled

 

Bo Sears, CEO of Helix Exploration, said:

 

"The Darwin #1 well at the Rudyard Project has significantly surpassed initial
expectations. Helium gas shows measured by mass spectrometer reached a peak of
1,312 ppm, approximately 250 times the concentration found in ambient air. Mud
logging identified 330 feet of potential gross pay, including previously
untested formations accessed by deeper drilling. Notably, all targets are
positioned higher than anticipated, indicating a larger-than-expected
structural closure.

 

"We are proceeding with a triple-combo wireline to further delineate our
potential reservoir. With testing also ongoing at Ingomar, we are poised to
evaluate our second well concurrently, marking an exceptionally active and
promising period for the Company."

 

Details

Helium anomalies have been identified in Darwin #1 over multiple intervals
including:

·    Souris River (5,062ft) up to 893ppm (170x background)

·    Red River (5,192ft) up to 1,312ppm (250x background)

·    Dry Creek (5,258ft) up to 1,006ppm (190x background)

·    Upper Cambrian (5,340ft) up to 573ppm (110x background)

Helium anomalies continued coincident to observed porosity to a depth of circa
5,390ft indicating 330ft of gross pay across multiple reservoir horizons.

Target horizons have come in higher than predicted compared to historic
drilling to the west.  This indicates that Darwin #1 was drilled close to the
apex of a broader domal anticline with a larger closure extent than previously
modelled.

The Company will now proceed with wireline logging at Darwin #1 to identify
reservoir zones for perforation and testing.  Testing remains ongoing at
Clink #1 with results from first gas analysis to be announced shortly.

 

 

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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