REG - Helix Exploration - Successful Re-Entry of Clink #1

Helix ExplorationAnnouncement

21/10/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241021:nRSU9233Ia&default-theme=true

RNS Number : 9233I  Helix Exploration PLC  21 October 2024

21 October 2024

Helix Exploration PLC

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

 

Successful Re-Entry of Clink #1

 

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.

 

Highlights

 

·    Successful control of Mowry formation to 2,622ft (800m) by setting 7-
inch intermediate casing through entire interval.

·    Successful re-entry and deepening of wellbore to 8,550 ft (2606m).

·    Company will now complete the well with production casing and
commence testing.

·    If multiple formations are deemed suitable for testing, each zone
will be tested independently from the bottom-up to allow for isolated tests
over each interval.

 

Bo Sears, CEO of Helix Exploration, said:

 

"The successful re-entry and subsequent deepening of Clink #1 is a significant
milestone for the Company.  I am delighted with the re-entry efforts and the
exceptional work of our engineering team, as we see promising results in each
of the target formations."

 

 

Background

 

Re-entry operations commenced on Clink #1 with an initial goal of placing the
problematic Mowry shale formation behind pipe.  The Mowry was successfully
cased over the entire interval with 7-inch casing cemented to surface.

 

Following successful re-entry to 8,030 ft and with the well in good condition,
the Company deepened the Clink #1 to 8,550 ft to determine if the Precambrian
could be reached.  Precambrian rock was not found but a second thick Cambrian
sandstone horizon was found at 8,290 ft all the way to total depth.

 

The Company will now complete the well with production casing and commence
testing.  Production casing will be run in the hole to total depth and
cemented to surface.  Testing will proceed after cement on casing is dry.

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEASEFALLLFEA