Helix Exploration Raises £4.5m, Delivers Strong Flow Test Results
Why we think this is good
The RNS announcement from Helix Exploration contains several positive developments, including a successful £4.5 million institutional fundraising, strong flow test results at the Weil #1 well, and plans to accelerate the company's production ramp-up. These factors suggest the company is making good progress in its exploration and development activities. While the RNS does not meet the criteria for a 'Very Good' rating, the overall news is positive and warrants a 'Good' sentiment score.
Key Points
- £4.5 million institutional fundraising completed
- Successful flow test results at Weil #1 well, with 2,300 Mcf/day of raw gas and 1.0% helium
- Plans to drill two additional production wells to accelerate ramp-up to full field production
Summary
Helix Exploration has completed a £4.5 million institutional fundraising to fund the drilling of two additional production wells and support the company's strategic objectives of entering first helium production by the end of summer 2025 and accelerating project ramp-up to full scale production. The company has also reported successful flow test results at the Weil #1 well, with sustained flow rates of 2,300 thousand cubic feet per day of raw gas and helium grades of 1.0%. This, combined with the company's previous successful flow tests at the Linda #1 and Darwin #1 wells, firmly establishes the Rudyard field as a robust, near-term helium-producing asset. Helix plans to drill a fourth and fifth production well to optimise the ramp-up to full field production, which is expected to enable the company to reach full-field production in one year rather than two, improving overall project economics and NPV.