Business
Operational Update - Commencement of Civils
Operational Update - Commencement of Civils.
About this update from Helix Exploration Plc
[{"type":"text","content":"\n\n22 July 2024\n \nHelix Exploration PL\n(\"Helix Exploration\" or \"Helix\" or the \"Company\")\n \nOperational Update\nCommencement of Civils\n \n \nHelix Exploration, the helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway', is pleased to announce the commencement of construction work on access road and drill pad (\"Civils\") at the Ingomar Dome project (\"Ingomar\") area in Montana.\n \nHighlights\n· Construction commenced of 0.75-mile access road and drill pad at Ingomar\n· Two well Q3 2024 drilling program: Clink #1 well at Ingomar and Darwin #1 well at Rudyard\n· Drilling of Clink #1 well to commence following completion of civils\n· Combined budget cost of the two well programmes are estimated at approximately $4.1m which demonstrates the potential for the Company to operate cost-effective exploration and development within the state of Montana\n \nTimeline\nConstruction on the access road and drill pad has commenced at the Clink #1 location within the Ingomar Dome Project. The access road has been surveyed at 0.75 miles, allowing Civils work to be completed relatively quickly over a short development distance. \nFollowing completion of Civils the Company targets to commence drilling operations in early-August:\n· Mobilisation and rig-up is anticipated to take approx. 1 week\n· Drilling is anticipated to take approx. 3-4 weeks\n· Wireline and well completion is anticipated to take approx. 1 week\n· Flow testing and appraisal is anticipated to take approx. 4 weeks\nThe Company will keep investors updated as drilling progresses via RNS, potentially including updates on commencement of drilling, significant helium gas shows in drilling mud, wireline results, initial flow test results and full flow test results.\n \nBudget\nQuoted costs for drilling at Ingomar and Rudyard have come in below budget:\nThe quoted cost for drilling and appraising the Clink #1 well at Ingomar is approximately $2,130,000 including extended well test but excluding contingencies. Significant savings were achieved using local suppliers from within the state of Montana, reducing mobilisation costs and standing-t...