25th Jul 2025 18:57
(Alliance News) - Helix Exploration PLC on Friday saw it shares rise 10% as it noted "extremely encouraging" wireline results at its Inez 1 well.
The London-based helium miner focused on Montana in the US said the Inez 1 well has been drilled logged and cased to the surfaces, with petrophysical interpretation from open logs indicating a "strong correlation" in log character to its previously drilled well, Linda 1.
Shares in Helix Exploration closed up 10% at 27.25 pence on Friday in London.
Helix said that notable results include the finding of 140 feet of good quality reservoir with "abundant neutron-density crossover effect."
It added that flow testing is scheduled to commence once a workover rig is available, with testing set to focus on "principal gas-bearing intervals correlated in wireline logs". It said this will include flow performance data, helium grade as well as gas composition.
Helix said it expects to begin testing operations in early August.
The company added that plant construction is continuing in line with its schedule.
Chief Executive Bo Sears said: "We are pleased to update the market on continued progress at the Rudyard Field project. Wireline results from Inez 1 look extremely encouraging with clearly defined gas bearing reservoir intervals in the Souris and Red River formations.
"Importantly, the wireline characteristics are similar to Linda 1, which is located two miles to the north in the same Field. While log correlation does not guarantee similar test outcomes, it provides a basis for further testing ahead of planned flow and gas composition testing at Inez 1."
By Christopher Ward, Alliance News reporter
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