Helix Exploration raises £4.5m to fast-track helium production in Montana
Published: 02:24 05 Jun 2025 EDT
Helix Exploration PLC (AIM:HEX, OTCQB:HHEXF) has raised £4.5 million from institutional investors to accelerate its helium development plans in northern Montana, following strong flow test results from its latest production well.
The AIM-listed company said it had secured backing from a large private family office with over $1 billion under management and other institutions through a share placing at 16p, a modest discount to Tuesday's closing price.
The funds will go towards drilling two additional wells and building surface processing infrastructure, with the aim of reaching first helium production by the end of the summer.
Chief executive Bo Sears said the latest test at the Weil #1 well delivered 'exceptional results'. He added that the data “firmly establishes the Rudyard field as a robust, near-term helium-producing field”, confirming strong flows of 2,300 thousand cubic feet per day of raw gas, including 1% helium.
With three wells now tested, Helix estimates the project could deliver around $12 million in annual pre-tax cash flow, rising to $20 million within the first six months once the fourth and fifth wells come online.
Drilling at the next well, Inez #1, is set to begin next week. Helix expects to bring all five wells into production following the installation of on-site processing equipment later this summer.
