Rudyard – Ollie #1 Well Completion

In brief · summary, not quotable

Helix Exploration PLC has completed its Ollie #1 well at Rudyard, reaching a total depth of 6,311 ft ahead of schedule and under budget, with the highest mudlog helium readings to date at 4,800 ppm. This well, located in the Northern Dome, is intended to be the fourth production well for the PSA plant. The company is contracting a workover rig for testing, expected by October 31, 2026, with plans to tie Ollie #1 into the existing gathering system. The next well, Ross #1, is also slated to commence drilling by October 31, 2026, pending approval.

Full announcement

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Helix Exploration PLC (AIM: HEX, OTCQB: HEXFF), the US-focused helium producer and liquefier, is pleased to announce completion of the Ollie #1 well at Rudyard with casing set and cemented to surface.

Key information

Total depth of 6,311 ft, completed in 20 days, ahead of schedule and under budget as a result of Helix owning its own drilling rig.
Highest mudlog helium readings of any Rudyard well drilled to date at 4,800 ppm* (0.48%) in drilling mud - the previous mudlog high of a Rudyard well was 1,200 ppm.
Ollie #1 is in the Northern Dome of the Rudyard field, approximately one mile north of Weil #1, and is intended to be the fourth production well providing throughput to the PSA plant.

Next steps

Helix is in the process of contracting a workover rig to perforate and test target intervals - a further announcement will be made upon rig mobilisation which the Company currently expects to be by 31 October 2026.
Subject to flow testing and gas analysis, Helix intends to tie Ollie #1 into the existing gathering system at Weil #1 and connect it to the PSA Plant, within the existing current membrane capacity.
The next helium well to be drilled within the planned production expansion programme will be Ross #1, another well on structure helping to further delineate the field - the drilling rig will shortly be relocated, and a further announcement will be made upon spudding of Ross #1 which, subject to Montana Board of Oil and Gas Conservation approval, may commence by 31 October 2026.

*Mudlog readings readings are an encouraging indication of helium presence, but they should not be unduly relied upon as a measure of ultimate helium content, production potential or reserves. Higher mudlog showings do not necessarily translate into higher recoverable helium volumes than wells with lower recorded showings, as mudlog responses can be influenced by drilling and formation conditions. Ollie #1 will be subject to detailed gas composition analysis and flow testing to properly assess helium concentration, deliverability and commercial potential.

Bo Sears, Chief Executive Officer, commented:

"We are delighted to complete Ollie #1 under budget and in record time - a benefit of the Company owning its own drilling equipment. Real-time measurements of helium gas concentrations extracted from drilling fluid as the borehole was drilled were the highest I have encountered in my career to date and provide an encouraging basis to proceed to wireline logging and flow testing. Workover unit availability is tight in the region, but we are seeking to contract equipment as soon as possible - and likely within the next two to three weeks.

"We have also designated Ross #1 as the next helium well in the production expansion programme due to its location on the Rudyard structure. We look forward to updating investors further on the progress of both the Ollie #1 and Ross #1 wells being advanced in tandem."

LinkedIn: https://www.linkedin.com/company/helixexploration