HEX Helix Exploration Plc

15 April 2024

Helix Exploration PLC

("Helix Exploration" or "Helix" or the "Company")

Strategic Partnership with Petroleum Consultants, LLC

Helix Exploration, the helium exploration and development company focused on large scale and low risk helium deposits within the 'Montana Helium Fairway', is pleased to announce it has signed an agreement with Petroleum Consultants, LLC ("Petroleum Consultants").

Petroleum Consultants management team, which includes three Professionally Licensed Petroleum Engineers, leverages over 40 years' combined experience in hydrocarbon exploration and development. Services provided to over 50 clients include engineering, project management, wellsite supervision, land and regulatory assistance, accounting and administrative offerings.

The Company's selection was based on Petroleum Consultants extensive operational experience within Montana and across the United States, particularly in managing exploration activities throughout the Rocky Mountains region.  The execution of this contract marks the initiation of the Company's Phase 1 Work Programme and first steps towards the delivery of a safe and successful drilling campaign in Q3 2024. 

Bo Sears, CEO of Helix Exploration, said:

"We are pleased to announce the commencement of our appraisal well programme through a strategic partnership with Petroleum Consultants, headquartered in Billings, Montana. This collaboration entails comprehensive drilling engineering services encompassing well design, completion design, flow-testing procedures, and overall wellsite supervision. Leveraging their extensive experience in the State of Montana and across the broader Rocky Mountain regions, Petroleum Consultants will play a vital role in optimising our drilling and testing processes.

"The company is committed to delivering an aggressive operational timeline with drilling targeted for Q3 of this year.  Helix are dedicated to providing regular updates to our stakeholders as the Project unfolds, including the finalisation of a drilling contract with a rig supplier."

Rig Contract Selection

Helix successfully raised £7.5m in funding through its oversubscribed Initial Public Offering (IPO) in early April 2024, ensuring it is fully funded for the contracting of a drilling rig for the Ingomar Dome appraisal drilling.  As such, the Company has exchanged a draft drilling contract with its preferred supplier and anticipates executing the agreement within the coming weeks.

The Directors of the Company take full responsibility for the accuracy of this announcement.

Enquiries

Helix Exploration

Cairn - Nominated Adviser

Hannam & Partners - Joint Broker

OAK Securities - Joint Broker

Camarco - Financial PR

Notes to Editors

Helix Exploration is a helium exploration company focused on the exploration and development of low risk, large scale helium deposits within the 'Montana Helium Fairway'. Founded by industry experts with extensive experience of helium systems in the US, the Company's assets comprise of 52 leases over the Ingomar Dome; a large closure of 16,512 acres with P50 unrisked prospective helium resource of 2.3Bcf and upside of 6.7 billion cubic feet. Historic drilling and/or testing has identified gas in all target reservoir horizons.

Helix Exploration will focus on appraisal and early production at the Montana Ingomar Dome Project.  An aggressive development timeline will see appraisal drilling targeted for Q3 2024 and first helium production targeted for Q4 2025.  Helix is committed to open and transparent communication with investors and the wider market as the project progresses through development.

The Company's Admission Document, and other information required pursuant to AIM Rule 26, is available on the Company's website at https://www.helixexploration.com/.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.