Helix identifies elevated helium levels in ongoing drilling

19th Aug 2024 11:31

(Sharecast News) - Helium explorer Helix Exploration announced the identification of significantly-elevated helium levels in the Amsden and Charles formations during its ongoing drilling operations on Monday.

The AIM-traded firm said that during drilling at the Amsden formation, at a depth of 3,885 feet (1,185 metres), it detected helium levels peaking at 50 times above the baseline level.

It said the low gamma readings at that depth suggested a clean reservoir, bolstering the significance of the discovery.

The formation was previously tested for gas in the nearby Hilliston-1 well, where a 195-foot gas column was identified, though it was not assayed for helium.

In the Charles formation, currently being drilled at a depth of 5,150 feet, the company said it identified multiple gas-shows, with helium levels reaching up to 130 times above the background level.

Previous wells in the vicinity, such as the Froze To Death and Treasure 18-1, also encountered gas columns but did not test for helium.

The company said the findings confirmed the presence of helium within the established gas system in the region.

Helix was continuing its drilling operations towards the primary target in the Flathead formation, anticipated at a depth of around 7,410 feet, with a total planned depth of 8,000 feet.

Drilling was proceeding on schedule.

While the presence of helium gas-shows was a positive indicator for further exploration, Helix said additional testing, including wireline logging and flow testing, would be required to determine the commercial viability of the helium deposits.

The company would only declare a discovery after gas samples were recovered to the surface and analysed for helium content.

At 1138 BST, shares in Helix Exploration were up 12.41% at 22.2p.

Reporting by Josh White for Sharecast.com.