HeLIX Exploration PLC (AIM:HEX) chairman David Minchin takes Proactive's Stephen Gunnion through an operational update at the Ingomar Dome project in Montana.
Minchin shared that construction work has commenced, marking a significant milestone after years of planning. The company is building a road and a well pad, with drilling anticipated to start by early August. This operation is part of a two-well Q3 appraisal drilling campaign, focusing on the Clink #1 well at the Ingomar Dome and the Darwin #1 well at the recently acquired Rudyard project.
Minchin highlighted that the Clink #1 well targets a historical site where non-flammable gas was previously found but never tested for helium. The Rudyard project, already a proven helium discovery, will see drilling adjacent to past wells with helium concentrations of up to 1.3%.
Helix Exploration has a combined budget of $4.1 million for these wells, supported by a £7.5 million IPO raise. The chairman emphasised the cost-efficiency and rapid progress in Montana, partly due to local suppliers and the strong management team led by Bo Sears.
The drilling is expected to take 3 to 4 weeks, with significant news flow anticipated throughout this period. Investors should look out for updates on gas shows, wireline results, flow tests, and ultimately, the commercial viability of the discoveries.
