Helix Exploration [LON:HEX], the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, has provided an operational update on its Clink #1 well at the Ingomar Dome Project.
Significant shows of helium and hydrogen gas from the Amsden, Charles, and Flathead sandstone formations have been encountered, the miner told investors last week.
Helix Exploration said it has executed a contract with Precision Drilling for the use of a rig, and that mobilisation will commence the week starting 30 September 2024 with re-entry targeted to commence in the first two weeks of October 2024. The rig is currently located in Wyoming which reduces mobilisation time and cost.
Rig 704 is rated to drill to 15,000ft, allowing Helix Exploration to assess opportunities to deepen the well. Re-entry, wireline and completion is expected to take around two-weeks with flow testing to follow a successful completion.
Helix Exploration had started the drill program at Ingomar Dome but the drill rig being used sounds like it was not equal to the task and this has created operational delays. Apparently caving within the Mowry shale has required a different rig to handle a seven inch casing.
Shares in Helix Exploration gathered pace last week, closing up +16.65% over five days of trading. Shares hit a peak in July of 28p but have not been able to return to that point since. They are down slightly under 5% over the 30 day time frame.
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