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Highlights

  • Helix reported flow rates of up to 3,850Mcf/day from its third well at Rudyard field. 
  • The Company revised its resource estimate upward by over 30% and published an economic assessment. 
  • Helix completed two fundraises totalling GBP 9.5 million to support further drilling and development. 

Helix Exploration (LSE:HEX) is a helium exploration and development company focused on assets in the Montana Helium Fairway in the United States. The company is targeting domestic supply opportunities and is in the process of transitioning from exploration to production, with its operations centered around the Rudyard field. 

Helix Exploration has released its unaudited interim results for the six-month period ending 31 March 2025. During this reporting period, the company progressed from early-stage exploration to commercial development, underpinned by its drilling campaign and infrastructure acquisitions. 

Operations began at Rudyard in November 2024 with the drilling of the Darwin #1 well. The well produced raw gas at a rate of 2,750Mcf/day, with a helium concentration of 1.1%, exceeding internal expectations. Based on these results, the company estimates potential pre-tax revenue of approximately USD 4 million per well annually. 

Following the Darwin #1 success, Helix accelerated development through strategic equipment acquisition. It purchased a Pressure Swing Adsorption (PSA) plant with the capacity to produce up to 50,000Mcf of helium per year for $500,000. The company subsequently updated its helium resource estimate for the project, increasing it by more than 30%. An economic assessment of the project projected net revenues between USD 115 million and USD 220 million over a 12.5-year mine life. 

To support this accelerated development, Helix completed an oversubscribed GBP 5 million capital raise in January 2025. Proceeds were used to acquire the Weil #1 well in March for USD 300,000 an acquisition that saved the company an estimated USD 1 million in drilling costs. Helix then drilled and completed its third well, Linda #1, reporting flow rates of 3,850Mcf/day at 1.2% helium. 

The company raised an additional GBP 4.5 million through a financing round led by an institutional family office with more than GBP 1 billion in assets under management. This funding will support the drilling of a fourth and fifth production well, with the potential to increase pre-tax annual cash flow to USD 20 million. 

Helix continues to target the North American helium market, where demand is driven by sectors including healthcare, semiconductors, and aerospace. With ongoing supply constraints due to geopolitical factors, the company believes U.S.-based production offers advantages in reliability and supply chain security. 

The company has completed the manufacture of a membrane separation unit in Germany, which is now in transit. Combined with the previously acquired PSA unit, this infrastructure will allow Helix to begin early-stage monetisation and establish a pathway to sustained revenue. 

Helix’s dual listing on the U.S.-based OTCQB Venture Market was also completed during the period. Management expects this to enhance access to U.S. investors and improve trading liquidity. 

With production from the initial wells expected in the near term, Helix continues to engage in offtake discussions with potential buyers. The company has reiterated its strategy of building scale efficiently, developing resources strategically, and prioritising near-term cash flow. It aims to become a new, reliable supplier of helium to the U.S. market as it moves further into the production phase. 

Helix’s next steps include drilling additional wells, completing infrastructure installation, and finalising commercial agreements to support consistent revenue generation.