REG - Helix Exploration - Completion of Mobilisation at Rudyard

Helix ExplorationAnnouncement

28/10/2024 07:00

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RNS Number : 7722J  Helix Exploration PLC  28 October 2024

28 October 2024

 

Helix Exploration PL

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

 

Completion of Mobilisation at Rudyard

 

 

Helix Exploration, the helium exploration and development company focused on
helium deposits within the 'Montana Helium Fairway', is pleased to announce
the completion of construction work on access road and drill pad ("Civils") at
the Rudyard project ("Rudyard") area in Montana.

 

Highlights

·    Construction completed access road and drill pad at Rudyard

·    Mobilisation commenced utilising Treasure State Drilling Cardwell
KB-150 D1D drilling rig

·    Drilling of Darwin #1 well expected to commence this week

·    Appraisal well testing Contingent Resources of 484,193Mcf (0.48Bcf)
Helium with gross in-situ value of >$250 million at a price of $550/Mcf

 

Bo Sears, CEO of Helix Exploration, said:

 

"I am pleased to announce that, following the successful completion of
drilling at Clink #1 on the Ingomar Dome Project, we are ready to initiate
drilling operations at our Rudyard Project in Northern Montana. This appraisal
well will assess a known discovery in a domal anticline that has previously
demonstrated flow rates with up to 1.3% helium adjacent to Rudyard.

"Furthermore, I would like to extend a warm welcome back to Treasure State
Drilling, who executed an exemplary job during the drilling of Clink #1. We
anticipate a fruitful collaboration as we embark on this new phase and look
forward to keeping the market updated on our progress."

 

Background

In June 2024, Helix secured 5,600 acres in Montana's proven Rudyard helium
system, located in Hill County. The company expanded its foothold in September
2024 through direct landowner negotiations, acquiring an additional 1,074
acres to bring its total holdings in the area to 6,674 acres.

The Rudyard Project encompasses stacked reservoir horizons within a large
anticline in Montana's Sweet Grass Arch area, adjacent to the Great Falls
Tectonic Zone, a major crustal boundary that extends from Idaho through
Montana into Saskatchewan and has been a focal point of geological activity
for over a billion years. The project sits atop the ancient, Archean-aged
Medicine Hat Block, which serves as the source rock for helium generation in
the region

Prior exploration in the northern section of the anticline has confirmed
commercial helium potential, with two wells demonstrating favourable helium
concentrations and flow characteristics. The helium-bearing reservoirs are
situated at depths of 1,500-1,700 meters (5,000-5,500 feet), approximately 760
meters shallower than the Ingomar targets. This reduced depth profile presents
significant cost advantages for both exploration and development operations.

Aeon Petroleum Consultants Corp., engaged as an independent expert, has
assessed the Rudyard Project's helium resources, calculating P50 Gross
Contingent Resources of 484,193Mcf across the Souris and Red River intervals,
with additional P50 Gross Unrisked Prospective Resources of 112,445Mcf in the
untested Dry Creek interval. The Company is initiating appraisal drilling to
upgrade these resources to reserves, with extended well testing planned to
evaluate production rates and pressure decline characteristics.

The project benefits from extensive existing infrastructure, including road
access, rail connections, and three-phase power supply, facilitating efficient
development of processing facilities and rapid commercialization.

 

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
 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 prospective helium resource of
2.3Bcf and upside of 6.7 billion cubic feet. Historic drilling and/or testing
has identified gas in all target reservoir horizons.

 

Helix Exploration will focus on a drilling campaign and early production at
the Montana Ingomar Dome Project.  An aggressive development timeline will
see a drilling campaign targeted for Q3 2024 and 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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