Helix Exploration PLC (AIM: HEX) saw its shares rise to 25p in early Monday morning trading after announcing the successful re-entry and deepening of its Clink #1 well at the Ingomar Dome within the Montana Helium Fairway.
The well was extended to a total depth of 8,550 feet, with a 7-inch intermediate casing set at 2,622 feet to secure the Mowry formation. The company plans to complete the well using production casing, followed by testing. If multiple formations prove suitable, each will be tested separately, beginning with the deepest.
Highlights
· Successful control of Mowry formation to 2,622ft (800m) by setting 7- inch intermediate casing through entire interval.
· Successful re-entry and deepening of wellbore to 8,550 ft (2606m).
· Company will now complete the well with production casing and commence testing.
· If multiple formations are deemed suitable for testing, each zone will be tested independently from the bottom-up to allow for isolated tests over each interval.
Bo Sears, CEO of Helix Exploration, said: “The successful re-entry and subsequent deepening of Clink #1 is a significant milestone for the Company. I am delighted with the re-entry efforts and the exceptional work of our engineering team, as we see promising results in each of the target formations.”
The company’s portfolio comprises 52 leases at the Ingomar Dome, with a prospective helium resource estimated at 2.3 billion cubic feet and an upside potential of 6.7 billion cubic feet. Additionally, it owns 6,674 acres at the Rudyard project, where a helium discovery has been confirmed with concentrations reaching up to 1.3%. The company expects to commence helium production by the fourth quarter of 2025.
In Monday morning trading in London, Helix shares rose by 10.80%, to 22.72p each (11:14am). Since its AIM IPO in April, which initially priced shares at 10p, Helix’s stock has more than doubled in value.
