Helix moves closer to first helium production at Rudyard

(Sharecast News) - Helix Exploration updated the market on its flagship Rudyard Project in Montana on Monday, as it moved closer to first helium production.

The AIM-traded helium exploration and development company said the pressure swing adsorption compressor, the final long-lead item required for helium production, had been fully assembled and is en route to the Rudyard site.

It said the compressor was expected to arrive within the next three days, with installation and commissioning anticipated to take four to five business days following delivery.

Helix said all preparatory work has been completed offsite to minimise installation time.

It said discussions with potential offtake partners, including industry leaders, were expected to be concluded once first gas production begins, with further updates to be provided in due course.

The firm also said it was in early-stage discussions with several globally-recognised tier one partners regarding potential hydrogen-related collaborations, although it stressed that the discussions remain at a preliminary stage.

In addition, Helix said it had acquired further acreage at Rudyard, securing an additional 1,363 acres for what it described as a modest cash consideration.

Drilling operations at the Inez 1 well had been slowed by severe winter weather, with the company pausing activity until after the holiday period, when drilling was expected to resume.

"We are excited to soon become the first helium producer in the state of Montana and the opportunities that production will present for the company," said Bo Sears, chief executive of Helix Exploration.

"The team remains laser focused on maintaining the momentum built up since the IPO and I look forward to updating the market on the anticipated production milestone."

At 1151 GMT, shares in Helix Exploration were down 0.18% at 27.45p.

Reporting by Josh White for Sharecast.com.