REG - Helix Exploration - Operational Update at Inez #1

Helix ExplorationAnnouncement

25/07/2025 07:00

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RNS Number : 5168S  Helix Exploration PLC  25 July 2025

25 July 2025

 

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

Operational Update at Inez #1

Helix Exploration, the helium exploration and development company with
near-term production assets within the Montana Helium Fairway, is pleased to
announce the results of wireline testing at its Inez #1 well and to provide an
operational update on the Rudyard Field testing programme and plant
construction.

Highlights

·    Inez #1 wireline logging can casing complete

·    140 ft reservoir identified in Souris and Red River formations

·    Gas indicated throughout by neutron-density porosity crossover

·    Wireline log correlates closely to the Linda #1 production well in
the same Rudyard Field anticline

·    Membranes have arrived at Wikota in Houston ready for transport to
Helix's plant site in Montana

·    Membrane skid piping fabrication is complete (testing now) and the
Helium PSA skid is complete and ready for function testing

·    Ground works at Rudyard plant site nearing completion with cement
pouring due to commence imminently

·    Workover rig mobilisation and flow testing to commence in  early
August 2025

 

Bo Sears, CEO of Helix Exploration, commented:

"We are pleased to update the market on continued progress at the Rudyard Field project.  Wireline results from Inez #1 look extremely encouraging with clearly defined gas bearing reservoir intervals in the Souris and Red River formations.  Importantly, the wireline characteristics are similar to Linda #1, which is located two miles to the north in the same Field. While log correlation does not guarantee similar test outcomes, it provides a basis for further testing ahead of planned flow and gas composition testing at Inez #1."

 

Background

The Inez #1 well has been drilled, logged, and cased to surface. Petrophysical
interpretation from open-hole logs acquired in Inez #1 indicates a strong
correlation in log character to Helix's previously drilled Linda #1 well,
located approximately two miles to the north within the broader Rudyard Field
anticline.

Notable results include the identification of 140 ft of good quality reservoir
with abundant neutron-density crossover effect ("gas effect") identified in
the Souris and Red River formations.  Gas effect zones correlate significant
helium gas-shows up to 948ppm (180x background) in drilling mud, as announced
on 14 July 2025.

Flow testing is planned to commence as soon as a workover rig is available to
arrive on site.  Testing will focus on the principal gas-bearing intervals
correlated in wireline logs and will include flow performance data, helium
grade and gas composition.  All required downhole hardware for planned
testing operations is on site or in transit, and the contracted workover unit
is expected to mobilise no later than early August 2025. Based on current
schedules, Helix also anticipates commencing testing operations in early
August 2025.

Plant construction is continuing in-line with the planned project schedule.
Groundworks are nearly complete with cement pouring for plant pad due to
commence in early August 2025.  The Company has also submitted an application
for an approach road from the State Road to the plant site with construction
commencing shortly.

Qualified Person Statement

The technical information contained in this disclosure has been read and
approved by James Weaver, P.E., who is a qualified Petroleum Engineer and acts
as the Qualified Person under the AIM Rules - Note for Mining and Oil &
Gas Companies. James Weaver is the Chief Executive Officer for Aeon Petroleum
Consultants Corp. which has been retained by Helix Exploration plc to provide
technical support.

 

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
 Leif Powis

 Tavira Financial  - Joint Broker
 Chris Kipling                      +44 (0)20 7100 5100

 Oliver Stansfield

 Jonathan Evans

Camarco - Financial PR

 Tilly Butcher  +44 (0)20 3757 4980
 Emily Hall     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 four production wells targeting up to 236ft
Helium / Nitrogen gas in the Souris and Red River formations, flowing up to
3,800 Mcf/day at 1.2% helium. Rudyard field can support multiple production
wells and has potential to generate net revenue of $115 - $220 million over a
12.5 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/) .

 

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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