Helix Exploration starts drilling at Inez 1
By Josh White
Date: Monday 23 Jun 2025
(Sharecast News) - Helix Exploration announced the start of drilling operations at Inez 1 on Monday, its fourth production well at the Rudyard Project in Montana, as it continued to advance toward first helium production in the 'Montana Helium Fairway'.
The AIM-traded firm said the well, located two miles south of the previously drilled Linda 1, targeted the Souris River and Red River formations - both of which demonstrated commercial helium potential in the region.
Inez 1 is the first well drilled on the project's southern dome, which is currently classified with 2C gross contingent helium resources of 280 million cubic feet.
Drilling was expected to take 10 to 14 days, followed by wireline logging and extended flow testing.
A successful test could upgrade the southern dome's contingent resources to reserves, increasing the project's proven commercial potential.
"Spudding Inez #1 marks another meaningful step forward for Helix as we build on our successes at Rudyard," said chief executive officer Bo Sears.
"The well targets two of the same formations that are already known to contain helium within our acreage, but is the first well in the southern dome.
"Therefore, a successful test here will allow us to significantly expand our reserves."
Helix also confirmed that plant construction was on track, with foundation work set to begin on-site in the coming weeks.
Off-site manufactured modules, including the membrane separation unit, were being delivered in stages.
The membrane unit - designed to remove nitrogen ahead of pressure swing adsorption (PSA) processing - was en route from Germany and expected to arrive at Wikota Engineering in Texas shortly.
Refurbishment of the PSA module has been completed, and full integration will take place following delivery of the membrane unit.
Mobilisation of the plant to Montana was expected by the end of July, subject to fabrication and weather conditions.
"We remain focused on disciplined execution as we transition toward production and unlock the full potential of our northern Montana assets," Sears added.
At 1240 BST, shares in Helix Exploration were down 2.65% at 24.09p.
Reporting by Josh White for Sharecast.com.
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