New Risk • Apr 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£73.3m (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (UK£73.3m market cap, or US$98.8m). Tillkännagivande • Apr 27
Helix Exploration PLC, Annual General Meeting, May 28, 2026 Helix Exploration PLC, Annual General Meeting, May 28, 2026. Location: eccleston yards, 25 eccleston place, sw1w 9nf, london United Kingdom New Risk • Feb 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (UK£49.4m market cap, or US$66.8m). Tillkännagivande • Feb 23
Helix Exploration plc Announces Commencement of Gas Production At Its Rudyard Project Helix Exploration PLC announced the commencement of gas production at its Rudyard Project making it the first Helium gas producer in the state of Montana. The achievement of first production at the Rudyard project marks a milestone for the Company and the state of Montana as it recognizes first production of Helium for both parties. Helix has connected three wells being the Linda, Weil & Darwin wells to the gathering system which will provide initial throughput to the PSA plant. The Inez well will be connected to the gathering system once testing activities have been completed. Offtake Strategy: Now that production has been confirmed it gives the Company and off takers greater certainty about the ability of Helium to deliver and subsequently greater confidence in negotiations. Helix will be meeting various off takers over the coming weeks with the aim of entering a mix of short & long-term contracts to maximise price and revenue for the Company. During the re-entry process at the Inez well, the drilling team encountered a "snapping off" incident where parts of the drill string have broken off from the drilling equipment. This is a common occurrence in drilling activities and means that components of the drill string will need to be retrieved from the well. There is no compromise between the Hydrogen potential or the Helium reserves in the well. Currently the Company is fully focused on production and entering into offtake agreements and will re-visit the testing activities once it has entered into offtake agreements. As previously announced, Helix is continuing discussions with several interested parties regarding the hydrogen potential of the Rudyard Field. 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". Tillkännagivande • Feb 13
Helix Exploration plc Provides Operational Update on Its Rudyard Project Helix Exploration PLC provided an operational update on its Rudyard project. During the final stages of commissioning, the Company identified a minor technical issue with the Variable Speed Drive ("VSD"), which had temporarily delayed the start of helium production. The issue has since been resolved, and the VSD is now operating seamlessly. Helix intends to provide a further update to the market regarding its production milestone together with a broader operational update, during the week commencing 16 February 2026. Once production is underway, Helix plans to host several prospective offtake partners at the Rudyard site. The Company will evaluate potential offtake arrangements with a focus on securing the most attractive terms to maximise shareholder value. Tillkännagivande • Jan 12
Helix Exploration PLC Provides Update on its Rudyard Project Helix Exploration PLC provided an update on its Rudyard Project as it progresses towards first helium gas production. Helium processing plant commissioning - The pressure swing adsorption compressor, the final long lead item required for helium production, has been delivered to the Rudyard processing facility and is in the process of being installed. The unit was fully manufactured and factory prepared prior to delivery. Following mechanical installation, the system will be integrated through permanent process connections and instrumentation tie ins, after which electrical completion will be finalised. Commissioning and start up is expected to commence after this process is completed. Inez No. 1 well re-entry and coring - Re-entry operations have commenced at Inez No. 1 well. The well will be deepened to core the ultramafic Precambrian interval previously encountered, which exhibits geological characteristics associated with natural hydrogen generation and following coring operations, perforate the entire Souris River zone Operations are expected to be completed by 19 January 2026. The core recovered from operations will be submitted for detailed laboratory analysis and the interval will undergo a basic formation test. Helium offtake discussions - The Company remains engaged in active discussions with multiple helium offtake counterparties. Helix expects to conclude commercial offtake arrangements following the commencement of production and will update the market as required once agreements are executed. Hydrogen opportunity - Helix continues discussions with several interested Tier 1 parties regarding the hydrogen potential of the Rudyard Field. The Company believes the project exhibits the key elements required for natural hydrogen prospectivity, including ultramafic lithologies and a notably elevated helium 3 to helium 4 isotope ratio. The delivery and installation of the PSA compressor marks an important milestone, and operations on the Inez No 1 well are progressing as planned. Tillkännagivande • Nov 14
Helix Exploration plc Announces Securing A Drilling Rig to Re-Enter the Inez #1 Well At Its Rudyard Project Helix Exploration PLC announced that it has secured a drilling rig to re-enter the Inez #1 well at its Rudyard Project. The operation represents the next step in evaluating the Rudyard subsurface system for potential hydrogen resources, supported by previous findings of mantle helium signatures and rock chemistry conducive to natural hydrogen generation. Highlights: Rig Secured for Re-Entry: Helix has finalised a rig contract to re-enter the Ine #1 commencing the week of 17 November 2025. Targeting Hydrogen Source Rocks: The Company will remove existing production tubing and drill through to total depth, coring an additional 30-40 feet of ultramafic rock - the critical rock type responsible for natural hydrogen generation. Evidence of Deep Mantle Connection: As announced on 16 October 2025, geochemical studies have confirmed a 3He/4He ratio of 0.74 R, representing a 9 % mantle helium component and one of the highest ratios recorded in the continental United States outside Yellowstone. Hydrogen Potential: The combination of altered ultramafic lithologies, mantle helium, and active fluid pathways makes Rudyard one of the most scientifically compelling and economically attractive natural hydrogen prospects in North America. Helium Production Integration: Following coring operations, Helix will perforate the entire Souris River zone to complete the well for helium production, enabling helium bearing gas to supply the Company's new PSA/Membrane processing plant in Rudyard. Background Natural hydrogen is the cleanest and most cost-effective hydrogen on Earth, generated deep underground by simple natural reactions between water and ultramafic rock - with zero carbon emissions. Unlike synthetic hydrogen ("grey hydrogen") produced from fossil fuels, geological hydrogen offers a self-recharging, emission-free resource. Helix intends to deliver near-term helium revenue while pioneering one of North America's first commercial natural hydrogen discoveries. 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. Tillkännagivande • Oct 17
Helix Exploration PLC Announces Breakthrough Scientific Results from Its Rudyard Project Helix Exploration PLC announced breakthrough scientific results from its Rudyard Project. An independent study by Dr. Michael Hofmann of AIM GeoAnalytics has confirmed that rock cuttings from the Rudyard wells contain the same minerals that naturally generate hydrogen deep within the Earth-including serpentine, olivine, and magnetite. These minerals occur in mafic and ultramafic rocks, which release hydrogen when they react with water under heat and pressure, underscoring significant potential for geological hydrogen generation at the Rudyard Project. Complementing these findings, prior isotope analysis by Durham University revealed a 3He/4He ratio of 0.74 R, showing a measurable mantle helium component-which demonstrates the chemical fingerprint of deep-Earth fluids rising into the Rudyard system. Elevated Helium-isotope Signature: Analysis from the Rudyard Project recorded a consistent 3He/4He ratioof 0.74 R, over 3,600% above average continental-crust values (0.02 R) representing some of the highest recorded in continental North America outside of Yellowstone with Helium-3 concentration averaging greater than 10 ppb. Confirmed Mantle Contribution and Geological Implications: Isotopic modelling suggests roughly 9% of Rudyard's helium originates from the mantle. This deep-Earth connection not only replenishes helium within the reservoir but also facilitates the water-rock reactions that generate natural hydrogen at depth - a key indicator of Rudyard's long-term potential as both a helium and hydrogen source. Hydrogen Potential: Geochemical results establish Rudyard as one of the few verified hydrogen-prone ultramafic systems in North America and has the potential to produce some of the world's cleanest hydrogen with zero CO2 emissions. Nearly all hydrogen used is made from Steam Methane Reforming (SMR) of natural gas, a process that releases large volumes of CO2 and produces what is known as "grey hydrogen". Tillkännagivande • Oct 13
Helix Exploration plc Provides Update on Its Rudyard Project Helix Exploration provided an update on its Rudyard project as it progresses towards first helium gas production. Highlights: Mobilisation of the PSA plant to site is due to commence this week; All insurance is now complete and ready for the first helium gas production; The Helium PSA plant has been fully tested and is ready for production; Site preparation and construction of the custom-built housing facilities are 100% complete; Final key components of PSA are scheduled to arrive in November 2025; The first helium production is anticipated to commence shortly after the final components arrive on site in November 2025; Helix is in advanced discussions with multiple industrial gas companies regarding off-take arrangements and the Company will provide further updates in due course; As announced on 10 September 2025, the Company plans to perforate the upper Souris River formation at Inez #1. Recompletion activities are scheduled to re-commence once a workover unit becomes available, which is expected within the next few weeks. Project Update Progress at the Company's project in the Rudyard field, Montana, continues to advance with multiple workstreams for production nearing completion. Construction of the Company's main asset, the PSA plant, has now been completed. The plant was assembled by Wikota Design & Construction LLC ("Wikota") at their plant in Houston. A Helix representative has inspected and approved the PSA plant for transport, and it is now being prepared for shipment by truck to the Rudyard site. On site in Montana, the PSA plant will be housed in fully completed, custom-built plant facility. Instillation of the membrane and PSA will be conducted by a team of engineers from Wikota, with support from Nu Wave Services of Havre, Montana who have overseen the assembly of key components, including the gathering system, membranes, and electrical and gas supply. Once the helium compressor unit, which is scheduled for delivery in November 2025, arrives at the site, the final connection process will begin. Tillkännagivande • Aug 18
Helix Exploration plc Provides an Update on Flow Testing Scheduled for Inez #1 At the Rudyard Field Helix Exploration provided an update on flow testing scheduled for Inez #1 at the Rudyard field. Highlights: Mobilisation of work-over rig and testing equipment to commence on 18 August 2025. Testing will commence with perforation at Inez #1 well on 19 August 2025. Testing will target helium-bearing intervals within the Lower Souris River and Red River formations. These zones will be perforated and flow-tested to evaluate reservoir productivity and helium concentrations. Testing is expected to be completed by the end of the month, with results to be announced following receipt of helium assays. The Company will provide an update to the market in due course. Tillkännagivande • Aug 01
Helix Exploration Announces Board Changes, Effective August 1, 2025 Helix Exploration announced the appointment of Keith Spickelmier as Non-Executive Chairman, replacing David Minchin with immediate effect. David Minchin has served as Executive Chairman of Helix Exploration since its inception in September 2023, leading the Company through its successful admission to AIM in April 2024 and advancement on the London market. He has played a key role in securing approximately £17.75 million in equity investment to support Helix's development from exploration to production. The Board extends its thanks to David for his contribution to the Company's growth, and wishes him every success in his future endeavours. Keith Spickelmier has been appointed as independent Non-Executive Chairman to assist in guiding the Company through the next phases of its growth strategy. Keith Spickelmier is a highly experienced energy executive with a proven track record in founding, scaling, and monetising oil and gas ventures. Keith is the Co-Founder and Chairman of Sintana Energy Inc. Under his leadership, Sintana has raised in excess of CAD 55 million in funding and secured joint ventures with ExxonMobil in Colombia and with Chevron, GALP and others in Namibia and Angola. He also co-founded and serves as Executive Chairman of Discovery Energy, which holds a 580,000-acre license in the Cooper Basin, Southern Australia. In addition, Keith is also a Board Member of Burgundy Exploration, which has assets on the North Slope of Alaska. In 2003, Keith founded Westside Energy Corp., growing it from inception to a successful exit in 2008 via a sale valued at approximately $200 million. Additionally, he co-founded JK Acquisition Corp., a SPAC listed on the American Stock Exchange, which raised $80 million in its initial public offering. Keith holds a J.D. from the University of Houston and a B.A. from the University of Nebraska at Kearney. Prior to his entrepreneurial career, he practiced law for over a decade and became a partner at Verner, Liipfert, Bernhard, McPherson and Hand, providing a foundation for his disciplined approach to corporate governance and transactional structuring. Tillkännagivande • Jun 23
Helix Exploration plc Announces Commencement of Drilling Inez #1 Plant Construction Update Helix Exploration announced the commencement of drilling at Inez #1 drill location, the fourth production well at the Rudyard Project, Montana. The well targets two of the same formations that are already known to contain helium within acreage, but is the first well in the southern dome. Therefore, a successful test here will allow to significantly expand reserves. Meanwhile, membrane systems are enroute from Germany, bringing closer to operational readiness. A successful flow test within the southern dome could upgrade these contingent resources to reserves, further de-risking the subsurface potential of Rudyard and increasing the proven commercial assets of the Company. Drilling is expected to take circa 10 - 14 days to complete, following which the Company will move immediately to wire-line logging and flow testing. The Company will keep the market updated as drilling completes. Plant construction on site at Rudyard will commence within the next two weeks with the creation of foundation footings for processing plant modules which have been manufactured off-site. The membrane unit module has already been mobilised from Germany and is expected in at the Wikota Engineering facility in Brookshire, nr Houston, Texas, within the next few weeks. The membrane unit sits in front of and enriches flow into the PSA module by removing excess nitrogen prior to further processing. Refurbishment and testing of the PSA plant module has been completed. Final assembly and integration will take place upon arrival of the membrane unit, with plant mobilisation to Montana expected before the end of July 2025, subject to fabrication timing and weather conditions. Tillkännagivande • Jun 12
Helix Exploration plc Announces Mobilisation of Drilling Rig to Inez #1 Helix Exploration announced the mobilisation of rig and equipment to Inez #1 drill location, the fourth Production well at the Rudyard Project, Montana has commenced. Highlights: Construction completed access road and drill pad at Rudyard. Mobilisation commenced utilising Treasure State Drilling Cardwell KB-150 D1D drilling rig. Drilling of Inez #1 is well expected to commence next week. Helix has commenced mobilisation of rig and equipment to Inez #1 drill site at the Rudyard project in Montana. Inez #1 will be the fourth production well to be drilled on the Rudyard field and is targetingthe extension of proven helium reservoirs in Souris and Red River formations to the south of Linda #1. The additional production wells are intended to optimise ramp up to full field production by increasing cash-flow within the first 6 months of production. Greater cash-flow will allow the Company to expand its 2026 drilling campaign and is anticipated to enable the Company to reach full-field production in one year rather than two, improving overall project economics and NPV. Drilling is expected to commence next week and will take circa 10 - 14 days to complete. Further announcements will be made in due course as drilling commences. New Risk • Jun 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (UK£44.4m market cap, or US$60.4m). Tillkännagivande • May 02
Helix Exploration Announces Completion of Drilling at Linda #1 Helix Exploration announced the completion of drilling at the Linda #1 well in Rudyard Project, Montana. Highlights: Total Depth of 5,398ft (1,646m) reached in 18 days drilling; Significant helium gas-shows in multiple horizons, up to 1,117ppm (240x background) in drilling mud; 230ft of Souris and Red River formation pay with abundant cross-over gas effect in the porosity log; Structural closure at Rudyard continues to be expanded by drilling; Encouraging oil shows with strong oil cut, good odor, and noted sucrosic porosity in the Nisku and Duperow formations; Although early stage, the identification of oil at Rudyard warrants further investigation as potential source of secondary income alongside existing helium discovery. Linda #1 Drilling - Third Production Well; Helix commenced drilling operations at Linda #1 well on 10 April 2025. The well is strategically located roughly 1-mile south of the Company's discovery well at Darwin #1 and will be the Company's third production well, joining Darwin #1 and the recently acquired Weil #1 well, which tested 0.9% - 1.3% helium with a flow rate of 2,500 Mcf/d. Drilling at Linda #1 reached a Total Depth ("TD") of 5,398 ft (1,646m) at the base of the Red River formation. The drilling operation was completed in 18 days, encountering several hard chert horizons within the Madison, which slowed progress. With the well already open for nearly three weeks and high quality helium shows in the primary target horizon, and oil shows within the Nisku and Du Perow formations, the Company decided to not drill test the Flathead formation in this well.pside potential in the Flathead remains open and will be tested in a future production well. Helix Exploration is fully funded and focused on production, taking advantage of existing infrastructure and low-cost processing to target first gas in 2025. Rudyard is committed to open and transparent communication with investors and the wider market as the project progresses through development into production. Helix commenced drilling operations atinda #1 well on 10 April 2022. 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 Exploration is fullyfunded and focused on production, taking take advantage of existing infrastructure and low thecost processing to target first gas Inez #1 in 2025. Rudyard is commitment to open and transparent communication with shareholders and the wider market as the projects progresses through development into production. Tillkännagivande • Apr 10
Helix Exploration plc Announces Commencement of Drilling at Linda #1 Helix Exploration announced the commencement of drilling at the Linda #1 well in Rudyard Project, Montana. Highlights: Commencement of drilling at the Linda # 1, the second company development well at the Rudyard Field Project; Commercial helium gas previously encountered over 276ft in Darwin #1 Souris and Red River formations; Linda #1 will also drill through Cambrian strata to examine potential for previously untested helium and hydrogen potential in the Flathead Sandstone Formation; LOI signed April 9, 2025 for acquisition of 20-acre site for plant construction, conveniently located for infrastructure requirements and production wellheads; One additional development well location has been surveyed. Another development well location to be surveyed by end of April 2025. Helix has commenced drilling operations at Linda #1 well, strategically located roughly 1-mile south of the Company's discovery well at Darwin #1 and inside the larger Rudyard Field structure. Linda #1, completed in November of 2024, flowed 2,750 Mcf/d of raw gas on a 40/64" choke. Extended flow testing determined an absolute open flow of over 4,500 Mcf/d with an excellent 1.1% Helium grade in a predominantly nitrogen gas mix. Linda #1 will be the Company's third production well, joining Darwin #1 and the recently acquired Weil #1 well (announced 12 March, completed 19 March 2025), which tested 0.9% - 1.3% helium with a flow rate of 2,500mcf/d. The well will also be extended to test potential for helium and hydrogen within the Cambrian Flathead and Precambrian strata. This formation showed both high grade helium and hydrogen at Ingomar Dome but has never been drilled in the Rudyard area. As Flathead reservoir conditions are unknown in the area any gas identified in this formation would be an upside for the project. Helix has commenced surveying of well sites for Production Well #4 and #5 to the south of Linda #1. Additional production wells will be self-financed through cashflow from the Rudyard plant. The Company has executed a letter of intent ("LOI") to purchase land totaling 20 acres for its Rudyard helium processing plant. The site is advantageously situated to tie-in to existing infrastructure, reducing the time and cost to bring the plant into operation, while also allowing space for expansion as production from the Rudyard project increases. The Company has 30 days to complete title checks on the landholding after which the LOI becomes binding. Construction of the Rudyard processing plant is progressing as planned, with the Pressure Swing Adsorption ("PSA") module re-fit ongoing and the fabrication of the Membrane Package commenced. Upon completion, the modules will be transported to the Rudyard site for final installation and connected to the three production wellheads. This modular approach enhances project flexibility, allowing additional membranes to be installed as further production wells are bought on-line throughout 2025-26 and maintaining the same feed volume to the PSA module while increasing helium output. The Company remains on schedule with groundwork on plant footings to commence in late May and first helium production during summer 2025. Tillkännagivande • Mar 28
Helix Exploration plc Announces Commencement of Civils At Linda #1 Helix Exploration reported the commencement of construction work on access road and drill pad ("Civils") at the Linda #1 well at Rudyard Project, Montana. Highlights: Construction commenced at Linda #1 well site ahead of mobilisation of rig and crew which is expected to occur within the next few weeks. Linda #1 to be the third of three production wells to be completed ahead of first helium production at Rudyard Project. Fabrication work commenced on a helium membrane package for delivery ahead of production in summer 2025. Helix has commenced construction work at the Linda #1 wellsite ahead of mobilisation of drill rig and crews which is expected to occur within The Linda #1 well will be drilled by Treasure State Drilling utilising the same rig and crew which successfully drilled Darwin #1 well in only 12 days in November 2024. The well, located roughly one mile south of Darwin #1, is expected to encounter similar reservoir characteristics as the Darwin #1 well and on structure. Helix has contracted Wikota Design & Construction LLC to source a membrane package from one of the world's leading specialty processing companies. The membrane package has been specifically developed for helium recovery and purification, enabling highly pure helium to be efficiently produced from specific gas composition. Fabrication of the membrane package has commenced for delivery ahead of production in June 2025. Tillkännagivande • Mar 13
Helix Exploration plc Provides Operational Update Helix Exploration provided an operational update on the Company's activities. Highlights: Binding Letter of Intent to acquire an additional production well (Weil #1) and 640-acre leasehold from Global Helium for cash-consideration of PS230,000 ($300,000) Drilling contract signed for the Linda #1 production well scheduled to spud in April 2025. Clink #1 acidisation complete, gas sample recovered and submitted for laboratory analysis. Primary focus remains first helium production at Rudyard Field, targeted for summer 2025. Tillkännagivande • Feb 26
Helix Exploration PLC, Annual General Meeting, Mar 20, 2025 Helix Exploration PLC, Annual General Meeting, Mar 20, 2025. Location: offices of capital market communications limited, 40 strand, london wc2n 5rw United Kingdom Tillkännagivande • Dec 31
Helix Exploration PLC (AIM:HEX) signed a letter of intent to acquire Helium Pressure Swing Adsorption processing plant for $5 million. Helix Exploration PLC (AIM:HEX) signed a letter of intent to acquire Helium Pressure Swing Adsorption processing plant for $5 million on December 30, 2024. The PSA processing plant is planned to be initially installed at the Comp,any's Rudyard Project. Liam Murray,Ludovico Lazzaretti and James Western of Cairn Financial Advisers LLP acted as financial advisor for Helix Exploration PLC. Tillkännagivande • Dec 12
Helix Explorationto Announces A Commercial Helium Discovery in Darwin #1 Well At the Rudyard Project in Montana Helix Explorationto announced a commercial helium discovery in Darwin #1 well at the Rudyard Project in Montana.
Highlights
· Darwin #1 confirms commercial helium discovery at Rudyard
· 236ft of Darwin #1 perforated simultaneously, testing Souris and Red River reservoir horizons
· High grade helium assayed at 1.1% helium with the balance being primarily nitrogen
· Commercial flow rates sustained at 2,750 thousand cubic feet per day (Mcf/d) of raw gas at 40/64" choke with Absolute Open Flow calculated to be over 4,500 Mcf/d
· Rudyard field can support multiple production wells on structure with each well having the potential to produce pre-tax cashflow of circa $4.0 million per year and drain a large area over a sustained period
· Fast-track, low-cost, production taking advantage of favourable gas composition and existing infrastructure (power, road, rail). Results
Helix has successfully tested target reservoirs at Darwin #1 in the Souris and Red River intervals. All reservoirs were tested simultaneously in a single perforation over 236ft from 5,000ft to 5,100ft and 5,140ft to 5,276ft. The perforation therefore also tested potential fracture porosity observed occurring between the main target reservoirs.
The well flowed immediately after perforation without the need to swab or stimulate. Build-up pressure between each flow period was close to initial shut in pressure indicating good permeability and little, if any, wellbore damage.
Testing delivered highly encouraging results, flowing 2,750 Mcf/d of raw gas on a 40/64" choke. Extended flow testing determined an absolute open flow of over 4,500 Mcf/d, confirming Darwin #1 as a strong producer. With good permeability each well could be capable of draining a large area.
Both Souris and Red River intervals were found higher on structure to historic drilling to the west. This demonstrates that Darwin #1 was drilled 'up-dip' of historic wells, meaning that the apex of the domal anticline is broader and further to the east than previously interpreted. This suggests that Rudyard is a much larger structure than previously modelled.
Samples of gas were sent to Isotech Laboratories in Illinois for analysis and returned 1.1% Helium and 95% Nitrogen with very low levels of Methane and no significant CO2 or water. The gas mix observed would be suitable for a low-cost membrane /pressure swing adsorption ("PSA") plant, allowing Rudyard to be fast tracked to production utilising existing infrastructure on site including three-phase power, road and rail transport connections.
At conservative sustained flow rates of 2,000Mcf/day raw gas, 1.1% helium grade, and a helium sales price of $500/Mcf, production from the Darwin #1 would generate pre-tax cashflow of circa $4,000,000 per well per year. The Company controls the entire anticline in its leasehold and has the opportunity to place several producing wells within the Rudyard field and estimates production well costs of $1.2m per well. Therefore, Rudyard passes the Company threshold to declare an economic discovery with potential to repay well-field and process plant capital within a reasonable timeframe and allow excess cash-flow to be re-invested or distributed. Tillkännagivande • Nov 19
Helix Exploration PLC Provides an Update on Testing Operations at the Clink #1 Well at the Ingomar Dome Project in Montana Helix Exploration PLC provided an update on testing operations at the Clink #1 well at the Ingomar Dome Project in Montana. Helix has successfully tested three target formations at Clink #1: the Flathead, Charles, and Amsden. A surface gas sample from the Flathead formation yielded a helium concentration of 2.48% in a nitrogen gas mix with low levels of CO2 and methane over from perforations at a depth of 7,909ft - 7,942ft. Helium grades are over 1.6x higher than estimated in Company CPR and Scoping Study, offering capacity for an increase in resources and project NPV when these numbers are revisited. Despite good porosity readings on wireline, gas from the Flathead does not flow naturally and additional stimulation could be required to generate commercial flow rates, a process which is relatively common and cost-effective in the region. Hydrogen assayed at 55.2% H2 in gas separated from mud during drilling, this contrasts strongly with 0.7% H2 assays in gas sampled directly from the Flathead formation during testing. The presence of high hydrogen concentrations are rare and potentially significant, with implications for both the energy and industrial gas markets. Helix is seeking collaboration with hydrogen experts to better understand these results and explore the potential for unlocking further value from this reservoir. In the Charles formation was perforated at a number of intervals over a 145ft section (5,010ft - 5,025ft, 4,954ft - 4,960ft, 4,935ft - 4,947ft and 4,855ft - 4,880ft). While gas did not flow to surface during this initial test, downhole pressure monitoring and drilling data indicate a promising reservoir. High mud losses during drilling suggest that formation damage may have temporarily inhibited permeability. Helix remains confident in the Charles formation's potential and plans to revisit this horizon to unlock its full value. The Amsden formation, perforated over 87ft from 3,885ft - 3,972ft, delivered highly encouraging results, flowing 4,250 Mcf/d of raw gas on a 30/64" choke. Extended flow testing determined an AOF of up to 8,000 Mcf/d, confirming the Amsden as a strong producer. Gas analysis is underway, and preliminary indications suggest the Amsden is capable of sustained production at commercially viable rates. Tillkännagivande • Nov 14
Helix Exploration PLC Announces Completion of Drilling at Darwin #1 Well at Rudyard Project Area in Montana Helix Exploration PLC announced the completion of drilling at the Darwin #1 well at the Rudyard project 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. Deails: 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. Tillkännagivande • Oct 30
Helix Exploration Announces Commencement of Drilling At the Rudyard Project Helix Exploration, announced the commencement of drilling at the Rudyard project ("Rudyard") area in Montana. Highlights: Commencement of drilling at the Darwin #1 well, to test the stacked reservoir targets in the Souris, Red River and Dry Creek intervals. Historic drilling has tested helium flow to surface at up to 1.3% He and P50 Gross Contingent Resources of 484,193Mcf across the Souris and Red River intervals. Additional P50 Gross Unrisked Prospective Resources of 112,445Mcf in the untested Dry Creek interval. Drilling expected to take 2-3 weeks to complete, followed by wireline logging and extended flow tests. The Company remains fully funded for the drilling and testing of Darwin #1 at Rudyard, being run in parallel with extended well testing at Clink #1 at Ingomar Dome. Details: Drilling has commenced at Darwin #1 well utilising Treasure State Drilling Cardwell KB-150 D1D Rig. Surface Casing has been set to a depth of 625ft (190m) and is preparing to drill on. Drilling is expected to take 2-3 weeks to reach target depth of 5,500ft. The well is an appraisal well so will be completed with production casing prior to perforation and extended well testing. The Company will keep investors updated as drilling progresses via RNS, including updates on any significant helium gas shows in drilling mud, wireline results, initial flow test gas composition and extended well test results. Tillkännagivande • Oct 07
Helix Exploration plc Provides Operational Update on the Clink 1 Well At the Ingomar Dome Project Helix Exploration provided an operational update on the Clink #1 well at the Ingomar Dome Project. Precision Drilling Rig 704 has commenced mobilisation to site at Clink #1 on the Ingomar Dome where re-entry work is expected to begin shortly. Once mobilisation and rig-up is completed it is expected to take approximately 7 - 10 days to case over the problematic Mowry shale and run a wiper trip to total depth. Following a successful re-entry, the Company will evaluate the option to deepen the well and explore for helium and hydrogen in the lower-Cambrian and fractured pre-Cambrian basement, or to move directly on to wireline and flow-testing of helium and hydrogen gas-shows already identified in the Amsden, Charles, and Flathead formations. Helix will keep the market informed as work progresses. Tillkännagivande • Sep 03
Helix Exploration plc Provides Clink #1 Operational Update Helix Exploration provided an operational update on the Clink #1 well at the Ingomar Dome Project where significant shows of helium and hydrogen gas from the Amsden, Charles, and Flathead sandstone formations have been encountered. Activities at the Clink #1 well will pause for a period of circa one month whilst mobilising a rig to set intermediate casing over the Mowry shale at approximately 2,100 feet. The Clink #1 well reached Target Depth ("TD") of 8,030ft (2,450m) at 11:15 MST on 23 August 2024. While preparing the hole for wireline logging, the rig encountered caving with the Mowry shale from approximately 2,100 feet onwards which compromised the stability of the wellbore.ability issues in the Mowry shale had not been seen in any surrounding wellbores, including Hillison #1. The Mowry formation will require an intermediate 7" casing to be rotated through the shale section, allowing the Company to re-enter and test the lower parts of the well where a helium system has been identified. Casing operations will therefore require a different rig to handle 7" casing, which may take approximately a month to source and mobilise. The Company remains fully funded for operations, including mobilisation of a rig to insert intermediate casing over the MOWry. The well has been secured with a cement plug and retrievable packer until it can be completed. Tillkännagivande • Aug 28
Helix Exploration PLC Reports Completion of Drilling Activities on the Clink #1 Well at the Ingomar Dome Project Helix Exploration reported the completion of drilling activities on the Clink #1 well at the Ingomar Dome Project. The Clink #1 well reached Target Depth ("TD") of 8,030ft (~2,450m) at 11:15 MST on 23 August 2024. Rods have been pulled from the hole and a wiper trip is planned to condition the hole in preparation for wireline logging. Elevated helium readings were encountered throughout the Cambrian strata from 6,815ft (2,075m) to TD, which includes the Clink #1 primary target - the Flathead formation. Following on from previously announced helium gas shows in the Amsden and Charles formations (19 August 2024), the Company has now identified elevated helium shows in all primary and secondary target horizons. The Clink #1 well also encountered significantly elevated hydrogen within Cambrian strata. Several consistent hydrogen anomalies were recorded in drilling mud, with peak readings up to 103,000ppm (10.3%) hydrogen. The discovery of significant hydrogen shows within the Cambrian formation will require further investigation before the potential economic impact can be assessed. Geological hydrogen, also known as natural hydrogen, is a form of hydrogen that is produced through natural geochemical processes within the Earth's crust. Unlike hydrogen produced industrially, which involves energy-intensive methods and significant carbon emissions, geological hydrogen is believed to be generated when formation water reacts with mafic minerals and/or via radiolysis in continental crust. This naturally occurring hydrogen has the potential to be a clean energy source, offering a promising alternative to fossil fuels. Tillkännagivande • Aug 19
Helix Exploration Reports Identification of Significantly Elevated Helium in Drilling Mud Within the Amsden and Charles Formations Helix Exploration reported the identification of significantly elevated helium in drilling mud (a "gas-show") within the Amsden and Charles formations. Significant elevated helium was identified while drilling in the Amsden formation at a depth of 3,885ft (1,185m) on 17 August 2024 at 03:15 MST, reaching peak readings at 50x over background level. Low gamma at bit readings over this same interval demonstrate a clean reservoir. Analysis of drill cutting identified these anomalies to be associated with the Amsden formation. The Amsden formation has previously been drilled and tested for gas in the Hilliston #1 well, roughly 200 metres east of current operations at the Clink #1 well. The Hilliston #1 well tested a 195ft column of non-flammable gas from the Amsden Formation at high flow rate and minimal pressure loss over 30 days. The gas was tested at approximately 80% Nitrogen and was not assayed for helium. The Clink #1 well is currently in the Charles Formation at a depth of 5,150ft (1,570m) with drilling continuing. Significant elevated helium was identified in multiple gas-shows from 4,860ft (1,480m) reaching peak values at 130x over background level. The Charles formation has previously been drilled and tested for gas in the Froze To Death and Treasure #18-1 wells, both of which are down-dip of the current Clink #1 well. These wells tested 175ft and 145ft columns respectively of non-flammable gas which was tested at approximately 80% nitrogen and was not assayed for helium. The detection of a helium gas-show over these intervals confirms the presence of helium within the previously identified gas system. The Company is drilling on to the primary target in the Flathead formation at approximately 7,410ft (2,260m) and planned total depth at approximately 8,000ft (2,440m). Drilling is progressing well and remains on schedule. Tillkännagivande • Aug 12
Helix Exploration Announces Commencement of Drilling Helix Exploration announced that, further to the announcement on 22 July 2024, drilling of the Clink #1 well on the Ingomar Dome project area in Montana has commenced. Commencement of drilling the Clink #1 well, to test the stacked reservoir targets in the Amsden, Charles, Flathead Formations and fractured pre-Cambrian basement. Historic drilling has identified nitrogen-rich gas in Amsden, Charles and Flathead formations that has never been assayed for helium. Drilling will take 3-4 weeks to complete, followed by wireline logging and extended flow tests. First well in two-well Third Quarter drilling programme with the second well to be drilled to appraise contingent helium resources at the Rudyard Project. Helix commenced drilling at Clink #1 well on the Ingomar Dome project in Montana at approximately 10:00 MST on Sunday 11th August 2024. Drilling is expected to take 3-4 weeks followed by wireline logging and extended appraisal flow tests. Clink #1 primary target is the Flathead Formation at 7,410ft (2,260m) which is the main horizon producing helium within the Montana helium fairway. Secondary targets are the Amsden Formation at 3,840ft (1,170m) and Charles Formation at 4,780ft (1,460m) where historic testing has flowed high nitrogen gas to the surface, and which has not previously been tested for helium. A tertiary target exists in conceptual fractured basement plays in the Pre-Cambrian from 7,750ft (2,360m) which was not drilled in historic exploration. The Company will keep investors updated as drilling progresses via RNS, potentially including updates on any significant helium gas shows identified in drilling fluids by the on-site mass spectrometer during drilling. Post drilling, the Company will conduct open-hole logging to determine petrophysical properties of the subsurface formations. This petrophysical work can determine properties such as porosity, permeability, and the presence of gas. Tillkännagivande • Jul 23
Helix Exploration plc Announces Commencement of Construction Work on Access Road and Drill Pad At the Ingomar Dome Project Area in Montana Helix Exploration announced the commencement of construction work on access road and drill pad ("Civils") at the Ingomar Dome project ("Ingomar") area in Montana. Construction on the access road and drill pad has commenced at the Clink #1 location within the Ingomar Dome Project. The access road has been surveyed at 0.75 miles, allowing Civils work to be completed relatively quickly over a short development distance. Following completion of Civils the Company targets to commence drilling operations in early-August: Mobilisation and rig-up is anticipated to take approx. 1 week; Drilling is anticipated to take approx. 3-4 weeks; Wireline and well completion is anticipated to take approx. 4 weeks. The Company will keep investors updated as drilling progresses via RNS, potentially including updates on commencement of drilling, significant helium gas shows in drilling mud, wireline results, initial flow test results and full flow test results. Budget Quoted costs for drilling at Ingomar and Rudyard have come in below budget: The quoted cost for drilling and appraising the Clink #1 well at Ingomar is approximately $2,130,000 including extended well test but excluding contingencies. Significant savings were achieved using local suppliers from within the state of Montana, reducing mobilisation costs and standing-time charges. The estimated cost for drilling and appraising The Darwin #1 well at Rudyard is approximately $1,980,000 including extended well test But excluding contingencies. The cost of drilling at Rudyard is lower than Ingomar due to the shallower target depth at 5,500ft at Rudyard compared to 8,000ft at Ingomar. The Company benefits from relatively low drilling costs in Montana compared with other jurisdictions as well as from savings made by the Company in vendor selection. Expected savings to be achieved will help maintain adequate funding for planned development activities after completing the two-well Third Quarter 2024 drilling campaign. These activities may include project pipeline growth, detailed plant engineering and construction financing. Tillkännagivande • Jun 13
Helix Exploration plc Announces the Results of A Scoping Study Economic Analysis Helix Exploration announced the results of a Scoping Study Economic Analysis conducted by Aeon Petroleum Consultants Corporation. Highlights: NPV8 of $303.1 million using a helium price of $550/Mcf and grade of 1.50%; Initial CAPEX requirement of only $19.7 million; Net revenue of $605.6 million (after CAPEX, OPEX, tax and royalty) over 29-year LOM. Details: The Company engaged Aeon act as independent experts in producing a Scoping Study report over the Company's Ingomar Dome project. The report was compiled by James Weaver, a petroleum engineer with 45 years of industry experience in economic analysis, production optimisation and reserves estimation and evaluation. The Scoping Study used raw gas in place, reservoir specific recovery factors, a well spacing of 640 acres, and a helium grade of 1.5% He to determine recoverable helium resources per well. This was combined with production data from well tests undertaken on historic wells within the Company's leases (Amsden and Charles Formation) or from nearby analogous producing fields (Flathead Formation) to develop a "type-curve" for each reservoir. This allowed the development of a detailed production plan and well schedule over the life of the project. Various iterations of the production plan were run alongside various plant and surface designs to produce an optimised schedule. This optimised schedule included the following: Initial production in 2025 from 3 wells supplying a 10,000Mcf/day inlet PSA plant. This reduces initial CAPEX and equity/debt burden increasing project NPV on a per-share basis. Self-funded expansion to 20,000Mcf/day plant in 2027 with drilling of an additional 3 wells maintaining steady state production rates. 7 additional production wells drilled between 2030 and 2035 to maintain pressure and flow to plant. Recovery of byproduct natural gas from Amsden and Charles formations to feed into an onsite co-gen facility offers significant OPEX saving. Using a helium price of $550/Mcf, results of the optimised schedule estimated: NPV8 of $303.1 million; Undiscounted net revenue of $605m (after tax, royalty, CAPEX and OPEX); Robust economics with positive NPV8 down to 0.4% Helium grade or Helium price down to $125/Mcf; Initial CAPEX requirement of $19.7 million; Initial CAPEX payback in 12 months; Time to first payout of 2.58 years. The results of the Scoping Study demonstrate the potential for positive economic returns across a range of modelled scenarios and based on a P50 probabilistic determination of gas originally in place. The Scoping Study used parameters from the 1 February 2024 CPR report prepared for the Company by Ryder Scott, who applied the principles and standards outlined in the 2018 Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) to the estimation of the Helium Prospective Resources at Ingomar Dome. As the Scoping Study is based on Prospective Resources it is subject to discovery risk and there can be no guarantee that any helium discovered will be developed into profitable production, or that helium will be discovered in commercial quantities or developed to profitable production. Economic results are derived from P50 resource numbers, and therefore there is an equal probability that economic results will be higher or lower following the results of the Company's scheduled third quarter drilling campaign. The Company looks forward to drill testing the Ingomar Dome project with a drilling campaign in third quarter of this year and will provide the market with updates to the economic model based on flow-test and grade data from within the project lease area. Tillkännagivande • Apr 10
Helix Exploration PLC has completed an IPO in the amount of £7.5 million. Helix Exploration PLC has completed an IPO in the amount of £7.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 75,000,000
Price\Range: £0.1
Transaction Features: Regulation S 