HeLIX Exploration PLC (AIM:HEX) said it encountered helium in all target strata of the Ingomar Dome project's Clink #1 well, after completing drilling activities ahead of schedule and below budget.
Elevated helium levels were detected in the sedimentary column, it added, as drilling reached the target depth of 8,030 feet, with significant hydrogen concentrations also observed in the Cambrian strata.
"We are highly encouraged by anomalous helium identified in all target strata, indicating that we have elevated levels of helium throughout the sedimentary column," said chief executive Bo Sears.
"Additionally, the discovery of anomalously high hydrogen shows within Cambrian strata is a welcome development. A number of highly elevated readings up to 103,000ppm (10.3%) suggest a significant level of hydrogen in the lower part of the system.
"This will need to be fully investigated before any conclusions on economic potential can be drawn."
The company is now moving onto preparing the well for wireline logging and appraisal via extended flow testing, he said.
Drill operations took 11 days from spud to target depth, ahead of the two to three week guidance provided.