Helix Exploration PLC (AIM: HEX) reported disappointing results from testing a secondary target at its Clink-1 well, despite a successful discovery in the primary target earlier this month.
The company stated that testing in the Amsden formation revealed sub-economic levels of helium. As a secondary target, Amsden accounted for less than 6% of the project’s pre-drill estimated helium resource, which totalled 2.30 billion cubic feet (Bcf).
Helix announced plans to proceed with acidisation and testing of the Charles formation, another secondary target within Clink-1. Initial results from this zone showed helium concentrations of up to 672 parts per million in drilling mud, along with strong gas indications in wireline logging.
“Although the Amsden formation did not deliver the results we were hoping for, it was only one of three reservoir targets in the Clink-1 well,” said chief executive Bo Sears in a statement.
There is significant opportunity within the Ingomar project from the Charles formation, where acidisation and appraisal is due to commence, and our primary target in the Flathead formation which has supported the case for the Ingomar Dome with the presence of 2.5% helium and 55% hydrogen.
Testing at Rudyard is due to commence on Monday, where commercial grade helium has been found with high flow rates in historical drilling. We are confident about the upcoming developments at both Ingomar and Rudyard well tests and look forward to sharing results in due course.
Rudyard Update
Helix is currently mobilising equipment and crew to Rudyard project to commence testing on Darwin #1. Testing is due to commence on 2 December 2024 with results to be published once sample assays are received from the laboratory. Historic drilling has previously identified 0.9-1.3% helium and commercial flow rates from the Red River and Souris intervals. Additionally, Helix will be testing the Dry Creek and intervals in the Upper Cambrian where wireline logging has identified gas effect, which offers the potential to significantly increase the size of the resource at Rudyard.
