REG - Helix Exploration - Execution of Drilling Rig Contract

Helix ExplorationAnnouncement

23/04/2024 07:00

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RNS Number : 6542L  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  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
 Andy Crispin
 Spencer Mignot

 SI Capital - Joint Broker
 Nick Emerson               +44 (0)14 8341 3500
 Renato Rufus
 Nick Briers

 

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 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/ (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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