Helix Exploration Acquires Rudyard Helium Field in Montana

Helix Exploration secured a 100% stake in Montana's Rudyard Field for US$250k, comprising US$100k in cash, US$150k in shares, plus 0.6mm in share options at the listing price of 10p/sh as a finder's fee. The acquisition adds 5.6k acres, including two proven helium structures and one deeper section also predicted to contain helium. Two wells adjacent to Helix's acreage have been tested in the past, with yields up to 1.3% helium. The field, evaluated by Aeon Petroleum Consultants, has a gross 2C helium resource of 484mmcf. Helix plans to drill a well in Q3’24, with success leading to the reclassification of resources to 2P reserves. The site's infrastructure, aided by historical oil and gas activities, supports low-cost, rapid commercialisation. In a separate interview, David Minchin, the group's chairman, provided details on how the company is financing the project, how it is avoiding diluting shareholders and the strength of its cash flow.

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