Business
Acquisition of Rudyard Project
Acquisition of Rudyard Project.
About this update from Helix Exploration Plc
[{"type":"text","content":"\n\n20 June 2024\nHelix Exploration PLC\n \n(\"Helix Exploration\" or \"Helix\" or the \"Company\")\n \nAcquisition of Rudyard Project\nFee Shares\nIssue of Equity and Total Voting Rights\n \n \nHelix Exploration, the helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway', is pleased to announce the execution of a Farm-In agreement whereby the Company has acquired a 100% working interest in 5,600 acres in Hill County, Montana, (\"Rudyard\", or the \"Rudyard Project\") from Adam Standiford, a consultant to the Company for $250k in cash and shares. In addition, Mr Standiford will also receive 600,000 new ordinary shares in the Company at a price of 10 pence per share as an introducer fee pursuant to his consultancy agreement detailed in the Company's admission document (\"Fee Shares\").\n \nHelium has been proven from two wells in a 640-acre section on the northern anticline and adjacent to the Rudyard Project, both of which tested favourably for helium grade and overall flow rates though these wells are not included in the current Rudyard Project acquisition. \n \nHighlights\n· Acquisition of a discovery with previously identified helium: Domal anticline with helium gas up to 1.3% Helium (\"He\") flowed to surface from two wells drilled adjacent to the Rudyard Project\n· Contingent Resources1: of 484,000Mcf (0.48Bcf) He gross with in-situ value of >$250 million at helium price of $550/Mcf\n· Additional upside: in untested Dry Creek Formation within the Rudyard Project\n· Low acquisition cost: of $250k paid as $100k in cash and $150k in shares with an additional equity issue as introducer fee\n· Expanded portfolio: Rudyard compliments the Company's Ingomar Dome Project with additional low-risk resources and second potential future production hub\n· Existing infrastructure: assists low-cost development into commercial production\n· Fully funded Q3 2024 appraisal drilling: rig and services will move to Rudyard immediately after completion of drilling at Ingomar Dome in Q3 2024\n \n1 Contingent Resources are those quantities of helium estimated, as of a given date, to be potentially recoverable from known accumulation...