Rudyard – Ross #1 Well Spud

Helix Exploration PLC (AIM: HEX, OTCQB: HEXFF), the US-focused helium producer and liquefier, is pleased to announce the spudding of the Ross #1 well on 23 October 2026, following permit approval by the Montana Board of Oil and Gas Conservation ("MBOGC").

Ross #1 is intended to be the fifth production well in the Northern Dome of the Rudyard field and is targeting the same proven Souris River and Red River formations from which the current well stock are producing. The well is situated approximately one mile north north-east of the processing plant.

The Ross #1 well is to be drilled to a total depth of approximately 5,500 ft and is expected to take approximately 21 days to drill, followed by wireline logging, extended flow testing and gas analysis.

Subject to flow testing and gas analysis, Helix intends to tie the Ross #1 well into the existing gathering system and connect it to the PSA Plant. A further announcement will be made upon completion of the Ross #1 well.

Helix is currently operating three wells at Rudyard - Darwin #1, Linda #1 and Weil #1 - all of which are producing high grade, commercial helium pursuant to a spot sales arrangement and are connected to the gathering system, providing throughput to the PSA plant. Since resuming production on 16 October 2026, Helix has resumed filling tube trailers on continuous rotation with the first tube trailer having been filled. A fourth well - Ollie #1 - is awaiting flow testing and gas analysis soon and is thereafter expected to be connected to the PSA Plant.

The Company is reviewing additional helium well locations as candidates for the next well following completion of Ross #1, as part of its planned production expansion programme.

Bo Sears, Chief Executive Officer, commented:

"By virtue of controlling our own drilling equipment we were able to prepare the drill pad and mobilise the rig to the Ross #1 well site swiftly to be ready to spud the well within 2 days of the MBOGC's permit approval.

"Rudyard operations are in full swing. We're actively sending helium to our customer while simultaneously advancing a pipeline of future wells in multiple locations.

"We look forward to providing an update on perforating and testing target intervals at Ollie #1. I'm particularly excited about that having recorded the highest mudlog helium readings I have encountered to date.

"With global helium supply under unprecedented pressure, and demand accelerating from AI, semiconductors and defence, there has never been a better time to be a helium producer."

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Caution regarding forward looking statements