Rudyard Operational Updates

Helix Exploration PLC

03 September 2026

 

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3 September 2026

Helix Exploration PLC

("Helix" or the "Company")

Rudyard Operational Updates

Helix Exploration PLC (AIM: HEX, OTCQB: HEXFF), the US-focused helium production and liquefaction company, provides the following updates on operations at the Rudyard facility in Montana. 

Commercial Operations Update

After commercial operations commenced in July 2026 with the filling of Helix's first jumbo tube trailer, the Company has to date completed three tube trailer sales to the Company's industrial gases customer pursuant to a short-term spot sales arrangement. The Company has had positive discussions with the customer, resulting in an extension through September 2026 of the current short-term agreement and providing a strong basis for a potential long-term contract.

Following a site visit to the Rudyard facility from the Montana Board of Oil and Gas Conservation ("MBOGC"), a regulatory pause in production has been requested in relation to the handling of associated gas. Due to Helix being the first producer of helium gas in Montana, there are processes in relation to the production of helium gas that have not yet been clearly defined.

Helix has complied with the requests and is in dialogue with the MBOGC to resolve these issues before re-commencing production. Helix is actively working with the MBOGC to resolve any issues before a hearing with the MBOGC which is scheduled for 15 October 2026. Based on precedents for comparable situations, the Company is confident that production can be resumed shortly. The Board wishes to reinforce that there is no loss of produceable volumes from the regulatory pause and regular operations will be resumed in a timely manner.

Ollie #1 Production Well Update

The Company has received formal notification that the drilling permit for the Ollie #1 well has been granted by the MBOGC. The recently acquired drilling rig is on-site and preparing to begin drilling. The Company has scheduled spudding of the well for the week commencing 7 September 2026 and expects the drilling campaign to complete by 31 October 2026. The well is targeting the extension of the larger northern dome. 

Inez #1 Well Update

The Company has attempted re-entry operations at Inez #1 to retrieve downhole equipment that had become lodged in the wellbore during initial perforation operations. The objective was to clear the obstruction and, subject to a successful retrieval, evaluate the option to core a hydrogen-bearing interval of scientific and strategic interest identified within the wellbore. During operations, it became apparent that the cable obstruction extended beyond what the Company had initially been expressed by the workover operator. The obstruction prevented the Company from accessing and perforating the full target interval. Despite the suboptimal outcome of the well re-entry, the impact on the Company's cash resources from the re-entry has not been significant and will not affect its ability to deliver on any of the objectives outlined in the recent fundraise.

Inez #1 has been shown to be a productive well, having previously demonstrated helium concentrations of 1.2% and an Absolute Open Flow rate of 1,157 Mcf/d from the Lower Souris and Red River formation. The Company has multiple remedial options available for Inez #1, including the potential to drill a sidetrack from the existing wellbore to access the target intervals. The Board will assess these options in the context of the Company's broader development programme and will update the market in due course.

Bo Sears, Chief Executive Officer, commented:

"Helix is the first helium producer in the state of Montana. Being the first mover in a buoyant and developing market gives us a significant strategic advantage, but it also means operating in an evolving regulatory environment where certain legislation is not yet clearly defined. The management of associated gas is a procedural matter and we are cooperating with the MBOGC to put in place appropriate permits to resume sales in short order.

We are pleased to receive MBOGC approval to drill Ollie #1 which is expected to add a fourth well to our stock.

The obstruction we encountered at Inez#1 was not foreseeable based on the information at our disposal, and our decision to attempt the re-entry was operationally sound. The well itself has proven productive, delivering high-grade helium from the intervals we were able to access during the original completion. We retain several options to access the full target interval at Inez #1 in the future and will evaluate the optimal path forward as we continue to build production scale across our asset base at Rudyard.

Meanwhile, tolling of helium through the Company's Keyes liquefaction facility in Oklahoma continues on plan."

Enquiries:

Helix Exploration plc Bo Sears Keith Spickelmier	[e-mail]
Cairn - Nominated Adviser Liam Murray Ludovico Lazzaretti James Western	[phone]
Hannam & Partners - Broker Neil Passmore Leif Powis	[phone]
Vigo Consulting - Financial PR Ben Simons Patrick d'Ancona	[phone] [e-mail]

Notes to Editors

Helix Exploration PLC is a US based helium production and liquefaction company listed on the London Stock Exchange (LSE: HEX), with operations spanning the helium value chain from production through to liquefaction. Its flagship Rudyard Project in Montana is the state's first producing helium field, with three stacked helium-bearing reservoirs in a proven geological setting and an initial three wells delivering commercial helium flow rates. Production commenced in February 2026 through an on-site PSA processing facility, with first commercial sales commencing in July 2026 to an industrial gases group.

Following the acquisition of the Keyes Helium Complex in Oklahoma, one of only six operational helium liquefaction facilities in the United States, Helix has become an independent US helium producer owning both upstream production and liquefaction infrastructure. The acquisition positions the Company to capture greater value across the supply chain, process both its own and third-party helium, and support the growing North American helium market with flexible, independent liquefaction capacity.

Helix's assets are characterised by low-cost production, established infrastructure, significant and fully funded expansion potential, and a strategy focused on building a fully integrated helium business capable of delivering sustainable long-term growth.

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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.

 

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