Execution of Drilling Rig Contract

Helix Exploration PLC

23 April 2024

 

23 April 2024

Helix Exploration PLC

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

Execution of Drilling Rig Contract

Helix Exploration, the helium exploration and development company focused on large-scale, low-risk helium deposits within the 'Montana Helium Fairway', is pleased to announce it has executed a binding contract with Treasure State Drilling, LLC for the provision of their Cardwell KB-150 D1D Drilling Rig (the "Cardwell Rig" or the "Rig") and equipment for the Company's Q3 2024 appraisal drilling campaign at the Ingomar Dome project.

Highlights

·      Provision of Cardwell KB-150 D1D drilling rig, based out of Oilmont, Montana

·      Cardwell Rig well known to management having previously drilled wells for CEO Bo Sears

·    Experienced rig management with 30 years' operational knowledge, including 20 years' working with the Cardwell Rig

·      Cardwell Rig rated to 8,000ft with sufficient capacity and equipment to fulfil project requirements

·      Available for drilling in Q3 2024

Bo Sears, CEO of Helix Exploration, said:

"We are delighted to announce our new partnership with Treasure State Drilling, LLC, securing their Cardwell KB-150 D1D Drilling Rig for our upcoming project at Ingomar. I have personally worked with this Rig on two prior occasions and can attest to its performance in terms of load capacity, operational efficiency, and the proficiency of its operators.

"The services of Treasure State Drilling, rig manager Will Stenger, and the Cardwell Rig, alongside our contracted drilling engineers, Petroleum Consultants, LLC, forms a highly competent team boasting decades of combined experience in helium exploration and Rocky Mountain drilling. With these essential components in place, Helix is well positioned for the commencement of appraisal drilling at Ingomar Dome in Q3 2024."

Details

The Cardwell Rig is well known to Helix Exploration management having previously drilled wells for CEO Bo Sears within the State of Montana on two separate occasions.  In November 2023 the Company's Chairman, CEO, and an independent Non-Executive Director inspected the Rig during rig-up procedures ahead of operations in Northern Montana.

The Cardwell Rig is rated to drill to 8,000ft and is well suited to operations at Ingomar Dome.  The Rig is powered by a 500hp Cummins QSX 15 engine, features a 76 ft (23m) high mast, mud system with two Bomco F1000 triplex mud pumps, 3,000psi Blow Out Preventer and sufficient spare parts and consumables to ensure seamless operation throughout the drilling process.  The Rig has a low-load count compared to other rigs in the region, reducing the cost and complexity of mobilisation and demobilisation.

The Rig is operated by Will Stenger, an experienced driller with 30 years of operational knowledge in assembling dozens of rig setups for the Rocky Mountain and Mid-Continent regions.  Mr Stenger has worked with this specific Rig for 20 years and so he is well versed in delivering safe and effective operations on this equipment.  Mr Stenger also has experience drilling helium, having previously worked with CEO Bo Sears in helium exploration drilling in Montana using the Cardwell Rig.

The Directors of the Company take full responsibility for the accuracy of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

Enquiries

Helix Exploration

Bo Sears	via Camarco
David Minchin	[e-mail]

Cairn - Nominated Adviser

Liam Murray	[phone]
Ludovico Lazzaretti
James Western

Hannam & Partners - Joint Broker

Neil Passmore	[phone]
Andy Crispin
Spencer Mignot
SI Capital - Joint Broker
Nick Emerson	[phone]
Renato Rufus
Nick Briers

OAK Securities - Joint Broker

Jerry Keen	[phone]
Henry Clark

Camarco - Financial PR

Emily Hall	[phone]
Tilly Butcher Billy Clegg	[e-mail]

Notes to Editors

Helix Exploration is a helium exploration company focused on the exploration and development of low risk, large scale 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 appraisal and early production at the Montana Ingomar Dome Project.  An aggressive development timeline will see appraisal drilling 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/.

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.

 

END