9 April 2024

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE  OR  IN  PART, DIRECTLY OR INDIRECTLY,  IN OR  INTO  THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE,  PUBLICATION  OR  DISTRIBUTION WOULD BE UNLAWFUL.

Helix Exploration PLC

("Helix Exploration" or the "Company")

Admission to trading on AIM

& First Day of Dealings

Helix Exploration, a helium exploration company with operations in Montana, USA, is pleased to announce admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange ("AIM"). Admission will take place and dealings commence at 8.00 a.m. today under the ticker HEX and the ISIN GB00BPK66X70.

The Company's Admission Document, as well as the Schedule One and information required pursuant to AIM Rule 26, is available on the Company's website at https://www.helixexploration.com/.

Admission Highlights

Project Highlights

Details

Helix is focused on the exploration and development of low risk, large scale helium deposits within the 'Montana Helium Fairway'. The Company's assets comprise of 52 leases over the Ingomar Dome Project, with a large closure of 16,512 acres, a P50 unrisked prospective helium resource of 2.3Bcf and an upside estimate of 6.7 Bcf. Historic drilling and/or testing has identified gas in all target reservoir horizons.

Large Scale

Ingomar sits within the "Montana Helium Fairway", which extends from Wyoming USA to Saskatchewan Canada and hosts several known helium occurrences including production in Canada from the Weil Group and North American Helium.  Helium is generated in ancient crust and migrates along major structures.

Ingomar represents a large anticlinal closure of 16,512 acres mapped at surface, in seismic and in drilling, located on the upthrown side of the deep-seated Sumatra Thrust.

Proven Gas

Historic drilling and/or testing has identified gas in all target reservoir horizons including:

o  195ft in Amsden Formation in Hillison-1 wellbore

o  145 - 175ft in Charles Formation in Froze To Death and Treasure 18-1 wellbores

o  10 - 26ft in Flathead Formation in Treasure 18-1 wellbore

Gas samples were not assayed for helium but have been identified to contain high-nitrogen, which is a key exploration indicator for helium within the "Montana Helium Fairway". Ryder Scott analysed helium concentrations from analogous wells and probabilistically modelled grade range as 0.9% - 2.2% with a P50 grade of 1.52% Helium.

Presence of helium is supported by gas-in-soil analysis over the Ingomar Dome which identified a high-helium anomaly close to the Hillison-1 wellhead.  Anonymously high helium concentrations in the soil around the Hillison-1 wellbore provide evidence that there could be helium in the reservoirs in the subsurface.

Low-cost exploration

The site Ingomar Dome is ready to drill with no further geological work required ahead of drilling. The target depth of 8,000ft is not considered deep for North American drilling and hosts a competitive drilling market with spare rig capacity and "on-time" service delivery.  Helix is fully funded from proceeds of the IPO to drill, log and test appraisal well using local suppliers based out of Montana and Wyoming.

Following appraisal drilling, Helix will fast-track development of Ingomar Dome based on the experience of CEO Bo Sears' discovery and development of helium from Mankota Project in Canada.  Management estimate approximately US$12.5-15.0 million to build a modular processing plant delivering ~55,500 Mcf helium per year with a construction timeline of approximately twelve months from appraisal to first-gas production. 

Growing helium market demand

Helium in unprecedented short supply with Chinese import prices rising to US$623/mcf in February 2023 and US Defence Logistics Agency bulk pricing over US$1,000/Mcf.  There is no end in sight for the current global shortage and existing production is currently declining at 2-3% per annum, compared to the demand growth at CAGR 6%.

Key drivers include semiconductor chips, flat panel displays and fibre optic manufacturing. The CHIPS Act in the USA, which includes US$39 billion in tax benefits and other incentives to encourage American companies to build new chip manufacturing plants in the US, is expected to further increase the domestic demand for helium in the USA. New helium production is required to balance the market and ensure security of supply to the USA.  Montana is ideally positioned to supply directly to North America end users.

Strategy

Following admission on AIM, Helix's strategic focus will be on appraisal and early production at  Ingomar Project.  An aggressive development timeline will see appraisal drilling targeted for Q3 2024 and first helium production targeted for Q4 2025. Helix is committed to open and transparent communication with investors and the wider market as the project progresses through development.

The Company will leverage successful development work at the Ingomar Dome to grow a pipeline of low risk, near production helium assets by utilising the team's unique network and experience.

Bo Sears, CEO of Helix Exploration, said:

"After 24 years in helium exploration and development it has become clear to me that new, large-scale, primary helium projects are required to satisfy growing demand. These projects are best discovered by teams with a deep understanding of helium systems.

"Ingomar Dome is a large closure of 16,512 acres with P50 Gross Unrisked Prospective Resources of 2.3Bcf. The project benefits from historical drilling which identified gas in multiple target reservoir horizons in a stacked closure.

"Helix Exploration offers investors an opportunity to invest in a proven management team operating in an area of known helium occurrences in the United States."

David Minchin, Executive Chairman of Helix Exploration, said:

"We have chosen to list in London because we believe it is the pre-eminent market for growth resource companies with a deep pool of investors, talent and very high standards of governance. London remains a world leading capital market for small-cap companies.

"With helium in unprecedented short supply with Chinese import price rising to US$623/mcf in February 2023 and US Defence Logistics Agency bulk pricing over US$1,000/Mcf, we think now is the right time to invest in the identification of new sources of primary helium supply. 

"I am delighted to be part of bringing Helix Exploration to the London market with our aim of actively pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana, USA."

The Directors of the Company are responsible for the release of this announcement.

Enquiries

Helix Exploration

Cairn - Nominated Adviser

Hannam & Partners - Joint Broker

OAK Securities - Joint Broker

Camarco - Financial PR

Notes to Editors

Helix Exploration is a helium exploration company focused on the exploration and development of low risk, large scale helium deposits within the "Montana Helium Fairway". Founded by industry experts with extensive experience of helium systems in the US, the Company's assets comprise of 52 leases over the Ingomar Dome; a large closure of 16,512 acres with P50 unrisked prospective helium resource of 2.3Bcf and upside of 6.7 billion cubic feet. Historic drilling and/or testing has identified gas in all target reservoir horizons.

Helix Exploration will focus on appraisal and early production at the Montana Ingomar Dome Project.  An aggressive development timeline will see appraisal drilling targeted for Q3 2024 and first helium production targeted for Q4 2025.  Helix is committed to open and transparent communication with investors and the wider market as the project progresses through development.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.