REG - Helix Exploration - Interim Results
20/06/2025 07:00
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RNS Number : 6509N Helix Exploration PLC 20 June 2025
Helix Exploration PLC
("Helix Exploration" or "Helix" or the "Company")
Half-year Report
Helix Exploration, the helium exploration and development company focused on
helium deposits within the 'Montana Helium Fairway', announces its unaudited
interim results for the six month period ended 31 March 2025.
Chairman's statement
I am pleased to present the consolidated financial results for the six months
ended 31 March 2025. The period under review has marked an important chapter
in Helix Exploration's journey towards becoming a leading helium producer in
North America.
Operations in Rudyard commenced within this period with the drilling of Darwin
#1 in November 2024. Results from Darwin #1 exceeded Company expectations
with raw gas flow rates of 2,750Mcf/day at 1.1% helium demonstrating potential
for the Rudyard field to produce $4 million per well per year in pre-tax
revenue.
With a commercial discovery proven, the Company accelerated development with
the acquisition of a Xebec PSA processing plant, capable of producing up to
50,000Mcf helium a year, for only $500,000. A revised reserve resource
statement increased the project helium resource by >30% and enabled the
publication of an economic assessment demonstrating Net Revenue of $115 - $220
million over a 12.5 year life of mine.
Strengthened by an oversubscribed £5m fundraise in January 2025, the Company
has been able to continue rapid development at Rudyard. In mid-March 2025,
the Company acquired the Weil #1 well for $300k saving approximately $1
million in drilling cost. Further to this, at the end of the period Helix
commenced drilling at Linda #1, completing and testing our third production
well with flow rates of 3,850Mcf/day at 1.2% helium.
Subsequent to the period, Helix secured finance for a 4th and 5th production
well from a £4.5m raise with cornerstone investment from an institutional
family office with >£1Bn of assets. With a strong cash position, long
term supportive shareholders, and near-term production, the Company is in a
strong position to fulfil its strategic aim of becoming a disruptive new
supplier of helium to the U.S. market.
The Helium market
The global helium market continues to experience robust demand growth, driven
by critical applications in healthcare, semiconductors, and aerospace. With
supply constraints persisting due to geopolitical challenges, the need for
reliable, North American-based helium sources is as prevalent as ever. Helix
is strategically positioned to meet this demand, offering a secure and
scalable supply solution at critical time. This demand will only increase as
technology advances, as Artificial Intelligence ("AI"), uses a substantial
amount of helium.
Importantly, as a U.S.-based producer with access to existing, domestic
infrastructure and near-term offtake potential, Helix is protected from many
of the geopolitical and trade-related risks that impact other international
players. We believe this will be a defining advantage in an increasingly
security conscious global market.
Operations and Outlook
We have had a busy and exciting few months, recently announcing our dual
listing on OTCQB Venture Market in the U.S, enhancing our visibility and
accessibility to U.S. investors and providing a broader platform for
engagement and liquidity. By enabling U.S. investors to trade during local
market hours, we are also expanding our shareholder base at an important time
in our growth as we transition from explorer to producer.
Drilling of our 4th and 5th production wells will commence imminently with
potential to increase pre-tax cashflow to $20 million per year. We continue to
be in commercial discussions around offtake opportunities, supporting our goal
of delivering domestically produced helium directly to U.S. end users and
mid-tier distributors. We have completed manufacturing of a membrane unit
which is currently enroute from Germany, coupled with our existing PSA
processing unit, secured last year for less than 10% of new-build cost, we
have a clear path to early monetisation, healthy cash flow and scalable
growth.
Since our IPO just over twelve months ago, Helix has made remarkable progress
in executing our strategic vision and delivering value to our shareholders.
This momentum reflects not only the quality of our assets but also the
dedication and expertise of our management team. Our approach is simple: build
scale efficiently, develop resources strategically, and deliver near-term cash
flow. With first production approaching and a strengthened platform for
continued growth, Helix is well-positioned to become a strategic new supplier
of helium to the U.S. market.
David Minchin
Chairman
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
Tavira Financial Limited - Joint Broker
Chris Kipling +44 (0)20 7100 5100
Oliver Stansfield
Jonathan Evans
Hannam & Partners - Joint Broker
Neil Passmore +44 (0)20 7907 8502
Leif Powis
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 listed in April 2024.
Helix is focused on production at its Rudyard Project in northern Montana,
taking advantage of existing infrastructure and low-cost processing to target
first gas in 2025. The Company has three production wells targeting up to
236ft Helium / Nitrogen gas in the Souris and Red River formations, flowing up
to 3,800 Mcf/day at 1.1% helium. Rudyard field can support multiple production
wells and has potential to generate net revenue of $115 - $220 million over a
12 - 14 year life of field.
Helix is committed to open and transparent communication with investors and
the wider market as the project progresses through development into
production.
"Our approach is simple: build scale efficiently, develop resources
strategically, and deliver near-term cash flow." CEO - Bo Sears
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/) .
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME - FOR THE PERIOD ENDING 31 MARCH 2025
Unaudited Unaudited
Period ended 31 March 2025
Period ended 31 March 2024
Note £'000 £'000
Continuing Operations
Revenue from continuing operations - -
Costs associated with listing - (538)
Administrative expenses (517) (175)
Operating loss (517) (713)
Loss before taxation (517) (713)
Taxation on loss or ordinary activities - -
Loss for the period from continuing operations (517) (713)
Items that may be reclassified to profit or loss 15 -
Total comprehensive loss for the period attributable to shareholders from (502) (713)
continuing operations
Basic & dilutive earnings per share - pence 6 (3.84) (4.66)
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION - AS AT 31 MARCH 2025
Unaudited Unaudited Audited
As at 31 March 2025 As at As at 30 September 2024
31 March 2024
Note £'000 £'000 £'000
NON - CURRENT ASSETS
Intangible asset 7 8,980 - 4,087
Property, plant and equipment 8 467 - -
TOTAL NON - CURRENT ASSETS 9,447 - 4,087
CURRENT ASSETS
Cash and cash equivalents 3,333 340 4,960
Trade and other receivables 106 106 103
TOTAL CURRENT ASSETS 3,439 446 5,063
TOTAL ASSETS 12,886 446 9,150
CURRENT LIABILITIES
Trade and other payables 102 243 465
TOTAL CURRENT LIABILITIES 102 243 465
TOTAL LIABILITIES 102 243 465
NET ASSETS 12,784 203 8,685
EQUITY
Share capital 9 1,570 227 1,236
Share premium 9 12,976 689 8,734
Share based payments reserve 10 912 - 887
Foreign exchange reserve 8 - (7)
Retained earnings (2,682) (713) (2,165)
TOTAL EQUITY 12,784 203 8,685
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY - AS AT 31 MARCH 2025
Share capital Share premium Share based Foreign Retained earnings Total equity
payments reserve exchange reserve
£'000 £'000 £'000 £'000 £'000 £'000
Loss for the period - - - - (713) (713)
Total comprehensive loss for period - - - - (713) (713)
Transactions with owners in own capacity
Ordinary Shares issued in the period 227 689 - - - 916
Transactions with owners in own capacity 227 689 - - - 916
Balance as at 31 March 2024 227 689 - - (713) 203
Loss for period - - - - (1,452) (1,452)
Other comprehensive income - - - (7) - (7)
Total comprehensive loss for period - - - (7) (1,452) (1,459)
Transactions with owners in own capacity
Ordinary Shares issued in the year 1,007 9,117 - - - 10,124
Exercise of warrants 2 20 - - - 22
Share issue costs - (1,092) - - - (1,092)
Advisor warrants issued - - 254 - - 254
Employee options issued - - 633 - - 633
Transactions with owners in own capacity 1,009 8,045 887 - - 9,941
Balance as at 30 September 2024 1,236 8,734 887 (7) (2,165) 8,685
Loss for period - - - - (517) (517)
Other comprehensive income - - - 15 - 15
Total comprehensive loss for period - - - 15 (517) (502)
Transactions with owners in own capacity
Ordinary Shares issued in the year 334 4,676 - - - 5,010
Share issue costs - (434) - - - (434)
Employee options issued - - 25 - - 25
Transactions with owners in own capacity 334 4,242 25 - - 4,601
Balance as at 31 March 2025 1,570 12,976 912 8 (2,682) 12,784
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASHFLOWS - FOR THE PERIOD ENDING 31 MARCH 2025
Unaudited Unaudited
Period ended 31 March 2025
Period ended 31 March 2024
Note £'000 £'000
Cash flow from operating activities
Loss for the financial period (517) (713)
Adjustments for:
Share based payments 10 25 -
Settlement of shares through equity 10 120
Foreign exchange movements (95) -
Cash generated from operations (577) (593)
(Increase) in trade and other receivables (2) (106)
Increase/ (decrease) in trade and other payables (379) 243
Net cashflow from operating activities (958) (456)
Cash flows from investing activities
Investment in intangible assets (exploration assets) 7 (4,793) -
Investment in property, plant and equipment 8 (467) -
Net cashflow from investing activities (5,260) -
Cash flows from financing activities
Proceeds from issue of shares 5,000 796
Share issue costs (434) -
Net cash flow from financing activities 4,566 796
Net increase in cash and cash equivalents (1,652) 340
Cash and cash equivalents at beginning of the period 4,960 -
Foreign exchange effect on cash balance 25 -
Cash and cash equivalents at end of the period 3,333 340
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDING 31 MARCH 2025
1 General information
Helix Exploration Plc ("the Company") was incorporated on 23 September 2023 in
England and Wales with Registered Number 15160134 under the Companies Act
2006.
The address of its registered office and principal place of business is
Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom.
The principal activity of the Company and its subsidiaries collectively
referred to as "the Group" is the development and exploitation of small-scale
gas leases which are held via its 100 per cent. interest in Hereford
Resources, LLC ("Hereford") in the United States of America state of Montana.
The acquisition of Hereford was completed alongside the admission to AIM on 9
April 2024.
2 Accounting policies
IAS 8 requires that the directors shall use their judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
3 Basis of preparation
The unaudited consolidated interim financial statements ("interim financial
statements") have been prepared in accordance with the requirements of the AIM
rules and international accounting standards in conformity with the
requirements of the companies act 2006 and the companies act 2006 applicable
to companies reporting under UK-adopted international accounting standards
("IFRS").
The interim financial statements for the period ended 31 March 2025 have been
prepared in accordance with IAS 34 "Interim Financial Reporting". These
statements do not include all the information and disclosures required in a
complete set of financial statements but have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted in the UK.
The Group's interim reporting period covers the six months to 31 March 2025.
Accordingly, the comparative figures presented are for the six-month period
ended 31 March 2024.
The interim financial statements have been prepared using the measurement
bases specified by IFRS for each type of asset, liability, income and expense.
The interim financial statements do not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006 and have not been
audited.
The interim financial statements are presented in British Pounds sterling
(£'000) unless otherwise stated, which is the Company's presentational
currency.
The performance of the Company is not affected by seasonal factors.
4 Going concern
The directors have assessed the Group's ability to continue as a going concern
and are satisfied that the Group has adequate resources to continue in
operational existence for the foreseeable future. The Group has successfully
completed a fundraise post period end in June 2025 raising £4.5 million to
fund expansion. On the back of this the directors have reasonable assurance to
adopt the going concern assumption in relation to the Group.
5 Accounting policies
The same accounting policies, presentation and methods of computation have
been followed in these interim financial statements as were applied in the
preparation of the Group's annual financial report for the period ended 30
September 2024. In addition to these the Group has accounted for Property,
Plant and equipment for the first time in the period and hence the relevant
accounting policy is disclosed below:
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation
and any accumulated impairment losses. When the Group acquires any plant and
equipment it is stated in the accounts at its cost of acquisition less a
provision. Depreciation is charged to write off the costs less estimated
residual value of plant and equipment on a straight basis over their estimated
useful lives being:
- Plant and equipment: 5 - 7 years
Depreciation is only processed where property, plant and equipment are "ready
to use." Estimated useful lives and residual values are reviewed each year and
amended as required.
6 Earnings per Ordinary Share
Period ended Period ended
31 March 2025 31 March 2024
Loss attributable to shareholders of Group - £'000 (517) (713)
Weighted number of ordinary shares in issue 134,764,505 15,288,211
Basic & dilutive earnings per share from continuing operations - pence (3.84) (4.66)
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the period presented.
7 Intangible assets - Exploration & evaluation
Group
£'000s
Opening balance - incorporation -
Balance - 31 March 2024 -
Additions:
Acquisition of Hereford Resources, LLC 1,612
Lease acquired as a result of acquisition 413
Additions 2,195
Foreign exchange movements (133)
As at 30 September 2024 4,087
Additions:
Additions 4,793
Foreign exchange movements 100
As at 31 March 2025 8,980
8 Property, plant and equipment
PSA Plant Total
£'000 £'000
Cost
Opening balance - -
Additions in the year 467 467
At 31 March 2025 467 467
Depreciation
Opening balance - -
Charge for the year - -
At 31 March 2025 - -
Net book value
At 31 March 2024 - -
At 30 September 2024 - -
At 31 March 2025 467 467
9 Share capital & share premium
Ordinary Shares Share Capital Share Premium Total
# £'000 £'000 £'000
Share capital issued on incorporation(1) 5,500,000 55 - 55
Issue of ordinary shares (seed round)(2) 17,220,000 172 689 861
At 31 March 2024 22,720,000 227 689 916
Issue of shares on IPO(3) 99,520,000 996 8,956 9,952
Issue of share capital on acquisition of Rudyard leases(4) 600,000 6 54 60
Issue of share capital on acquisition of Rudyard leases(5) 510,000 5 107 112
Exercise of warrants(6) 220,000 2 20 22
Share issue costs(7) - - (337) (337)
Share issue costs(8) - - (755) (755)
At 30 September 2024 123,570,000 1,236 8,734 9,970
Issue of ordinary shares(9) 33,400,000 334 4,676 5,010
Share issue costs (10) - - (434) (434)
At 31 March 2025 156,970,000 1,570 12,976 14,546
( )
(1)On incorporation on 23 September 2023, the Company issued 5,550,000
ordinary shares of £0.01 at their nominal value of £0.01.
(2)On 14 December 2023, the Company issued 17,220,000 ordinary shares of
£0.01 at a subscription price of £0.05 as seed capital for the Company.
(3)On IPO on 9 April 2024, the Company issued 99,520,000 ordinary shares of
£0.01 at a subscription price of £0.10 to accompany listing on AIM.
(4)On 28 June 2024, the Company issued 600,000 ordinary shares of £0.01 at a
subscription price of £0.10 as consideration to consultants on introduction
of the Rudyard leases deal.
(5)On 28 June 2024, the Company issued an additional 510,000 ordinary shares
of £0.01 at a subscription price of £0.22 as consideration for the
acquisition of oil and gas leases in the Rudyard region of Montana.
(6)On 9 August 2024, the Company issued 220,000 ordinary shares of £0.01 at a
subscription price of £0.10 as a result of the exercise of 220,000 warrants.
(7)Share issue costs relate to commission on fundraising.
(8)Share issue costs relate to a reasonable percentage of professional fees
directly related to the issue of shares at IPO.
(9)On 29 January 2025, the Company issued 33,400,000 ordinary shares of £0.01
at a subscription price of £0.15.
(10)Share issue costs relate to directly attributable costs of fundraising.
10 Share based payments reserve
Group Company
£'000 £'000
As at 23 September 2023 - -
- -
As at 31 March 2024 - -
Advisor warrants issued 254 254
Employee options issued 633 633
As at 30 September 2024 887 887
Employee options release(1) 25 25
As at 31 March 2025 912 912
(1)SBP charge relates to portion of employee options released on a pro-rata
basis over the vesting period of the options
11 Related party transactions
Directors remuneration in the period
Remuneration paid to the Directors in the period as it relates to their
service contracts is listed below:
Salary Salary Shares Total
(UK) (US) £'000 £'000
£'000 £'000
David James Minchin 80 - - 80
Bo Moore Sears Jr 12 68 - 80
Ryan Paul Neates 18 - - 18
Keith Spickelmier 12 - - 12
Gregg Peters 12 - - 12
134 68 - 202
Service Agreements - Orana Corporate LLP
Orana Corporate LLP, of which Director Ryan Neates is an employee, has a
service agreement with the Company for the provision of accounting services.
In the period, Orana Corporate LLP invoiced £36,720 for accounting services
of which £6,120 was owed at period end.
Management agreement - Hereford Resources, LLC
On 10 April 2024, the Company entered into a Management Services Agreement
("MSA") with its wholly owned subsidiary, Hereford Resources, LLC to provide
management services to assist operations of the business. In the period the
Company invoiced an amount of £72,520 to Hereford Resources, LLC.
Other than these there were no other related party transactions.
12 Ultimate controlling party
As at 31 March 2025, there was no ultimate controlling party of the Group.
13 Events subsequent to period end
Issue of options
On 5 April 2025, the Company issued the following options as per below:
Director # Grant date Exercise Price (£) Time to maturity
Bo Sears 2,500,000 05/04/25 0.15 5 years
Ryan Neates 1,500,000 05/04/25 0.15 5 years
Gregg Peters 2,000,000 05/04/25 0.15 5 years
Keith Spickelmier 2,000,000 05/04/25 0.15 5 years
Consultant 1,000,000 05/04/25 0.15 5 years
The warrants vest in 3 equal tranches on the grant, first and second
anniversary of grant date.
Equity fundraise and placing
On 10 June 2025, Helix completed an equity fundraise raising £4.5 million
through the issue of 28,125,000 ordinary shares at a placing price of £0.16.
14 Approval of the financial statements
The interim financial statements were approved by the board of directors on 19
June 2025.
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