Inez #1 Well Re-entry

Helix Exploration PLC (AIM: HEX, OTCQB: HEXFF), the helium exploration and development company advancing the Rudyard Helium Project ("Rudyard") in northern Montana, is pleased to announce that re-entry operations at the Inez #1 well have commenced. The Company is rigged up and re-entering the wellbore has commenced. Inez #1 will be placed on production from the Souris River interval as the outcome of these operations, representing a meaningful addition to the Company's growing production base at Rudyard.

Highlights

• Re-entry operations are live and Helix is rigged up and actively re-entering the Inez #1 wellbore.
• Production from the Souris River interval is the objective of the re-entry.
• If the Retrieval (defined below) is successful, the Company will evaluate an option to core the hydrogen-bearing interval at Inez #1 - a potentially high-value data opportunity given Helix's association with the Chimaera Fund and the United States Air Force, both of which have expressed interest in natural hydrogen data from the Montana Helium Fairway.
• If the Retrieval is unsuccessful, equipment will be left in place and the Company will proceed directly to re-perforation of the Souris River interval and production - a straightforward path to first gas from Inez #1.
• The Inez #1 well was originally perforated to characterise the lower reservoir, specifically to understand the distinction between the Red River and Souris River carbonate formations - both productive intervals at Rudyard. As this scientific objective has been substantially met; the focus now is production.
• Helix now has operations active across multiple wells and an offtake arrangement for 100 per cent. of deliverable volumes. Today's commencement at Inez #1 advances the Company's stated goal of building production scale efficiently and systematically.

Bo Sears, Chief Executive Officer of Helix Exploration, commented:

"I am pleased to announce that operations have commenced. The rig is on site, and we have re-entered the well over the weekend, as planned following announcement of our offtake arrangement to the market. We will perforate the Souris River interval in the coming days and look forward to evaluating its potential. Production is our objective - and what we will deliver as we continue to grow our asset base and strengthen our offtake arrangements."

Background

During the course of initial perforation operations at Inez, downhole equipment became lodged in the wellbore, requiring a fishing operation (the "Retrieval") before the Company could proceed to full-interval production perforations. The re-entry operation commencing today is designed to address this directly.

The well carries an additional point of strategic interest. A hydrogen-bearing interval has been identified within the Inez #1 wellbore, and this has attracted interest from the Chimaera Fund - a dedicated natural hydrogen investment vehicle - and from the United States Air Force, both of which recognise the potential scientific and strategic value of coring this interval. If the Retrieval is successful in clearing the wellbore, the Company will consider whether to exercise this option before proceeding to production perforations. If not, the Company will move immediately to re-perforate the Souris River and bring Inez #1 on stream.

596/2014, as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company are responsible for the release of this announcement.

Caution regarding forward looking statements