HeLIX Exploration PLC (AIM: HEX, OTCQB: HHEXF) has hailed a pivotal period in its development, with chair David Minchin describing its latest interim results as “an important chapter” for the company. The report covers the six months ended 31 March and highlights major operational and strategic advances across its US helium portfolio.
The standout achievement was the successful start of drilling at the Rudyard helium project in Montana. The campaign began with Darwin-1, which was drilled in November and recorded raw gas flow rates of 2,750 Mcf per day with helium concentrations of 1.1% — a level of output that could generate around $4 million in annualised revenue.
This was followed by the Linda-1 well, which exceeded expectations with flows of 3,850 Mcf per day at 1.2% helium. The recently spudded Inez-1 marks the third well in the programme, with more drilling expected to follow, fully funded.
In a strategic move to support its growth, HeLIX acquired a helium processing plant for $500,000 and added the Weil-1 well to its asset base, saving an estimated $1 million in drilling costs. Drilling of wells four and five is due to begin shortly, with the potential — subject to results — to lift annual cash flow to approximately $20 million.
The company also strengthened its financial footing with a £4.5 million equity raise, completed after the reporting period. The raise was led by an institutional family office and was described as being strongly supported.
To broaden investor access and visibility, HeLIX completed a dual listing on the OTCQB Venture Market, allowing US-based investors to trade its shares more easily.
Minchin commented: “With a strong cash position, long-term supportive shareholders, and near-term production, the company is in a strong position to fulfil its strategic aim of becoming a disruptive new supplier of helium to the US market.”
He added: “Since our IPO just over twelve months ago, HeLIX has made remarkable progress in executing our strategic vision and delivering value to our shareholders. Our approach is simple: build scale efficiently, develop resources strategically, and deliver near-term cash flow.”
