Helix Exploration, the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, is pleased to announce the commencement of construction work on access road and drill pad (“Civils”) at the Ingomar Dome project (“Ingomar”) area in Montana.
Highlights
· Construction commenced of 0.75-mile access road and drill pad at Ingomar
· Two well Q3 2024 drilling program: Clink #1 well at Ingomar and Darwin #1 well at Rudyard
· Drilling of Clink #1 well to commence following completion of civils
· Combined budget cost of the two well programmes are estimated at approximately $4.1m which demonstrates the potential for the Company to operate cost-effective exploration and development within the state of Montana
Timeline
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. 1 week
· Flow testing and appraisal 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 Q3 2024 drilling campaign. These activities may include project pipeline growth, detailed plant engineering and construction financing.
Presentation
David Minchin, Chairman, will be presenting at the FocusIR virtual Investor Webinar on Tuesday 23rd July at 6pm (BST) and broadcast on the London South East investor platform (www.lse.co.uk), alongside other companies within the natural resources sector.
David Minchin (Chair) will give an overview of the Company and an update on current and upcoming workstreams.
Date: 23 July 2024
Time: 18:00 – 20:00 BST
To register to watch the event, follow the link
The Directors of the Company are responsible for the release of this announcement.
Enquiries
Helix Exploration
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Bo Sears |
via Camarco |
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David Minchin |
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