HeLIX Exploration PLC (AIM:HEX) has reported significantly elevated helium gas-shows while drilling in the Clink-1 well, its new well in the Montana Helium Fairway.
The company reported that during drilling in the Amsden formation at a depth of 3,885 feet, helium readings peaked at 50 times over the background level.
Helix is currently drilling in the Charles formation at a depth of 5,150 feet, where it has also recorded multiple helium gas-shows. Peak readings in this formation reached 130 times over the background level.
The company is continuing drilling operations to reach the primary target in the Flathead formation, with a planned total depth of approximately 8,000 feet.
While the observation of helium gas-shows is a positive indicator, Helix Exploration emphasised that further testing and analysis are necessary to determine the size and commercial viability of the helium resource.
This includes wireline logging and flow testing, which will be conducted upon the completion of the Clink-1 well.