Helix Exploration PLC (AIM: HEX) has informed investors that it has secured a rig to deepen the Clink-1 well, which has already detected helium and hydrogen gas in the Amsden, Charles, and Flathead formations.
Earlier this month, Clink-1, part of the Ingomar project in Montana, was paused at a depth of 8,030 feet in the Flathead formation due to elevated gas readings.
The company has now contracted Precision Drilling’s Rig 704 to extend the well further, aiming to fully assess the Cambrian formation and explore potential fractured basement plays in the Pre-Cambrian basement.
Highlights
· Helix has executed a contract with Precision Drilling for the use of Rig 704
· Mobilisation will commence the week starting 30 September 2024 with re-entry targeted to commence in the first two weeks of October 2024
· The rig is currently located in Wyoming which reduces mobilisation time and cost
· Rig 704 is rated to drill to 15,000ft, allowing the Company to assess opportunities to deepen the well
· Re-entry, wireline and completion is expected to take circa two-weeks with flow testing to follow a successful completion
Helix added that any decision to deepen the well further will be based on the conditions encountered during drilling.
Mobilization of Rig 704 is set to begin the week of September 30, with re-entry into the well expected within the first two weeks of October. The well program is anticipated to take approximately two weeks to complete, followed by a flow testing phase.
“We are pleased to welcome Precision Drilling and utilize the 704 rig to re-enter our Clink #1 well,” said Helix CEO Bo Sears.
“Clink #1 demonstrates strong potential for helium, with gas shows across all target horizons, along with hydrogen gas indications in the Flathead sandstone formation.
“We look forward to updating the market as we re-enter and test the well.”
