Helix Exploration PLC (AIM:HEX) shares climbed around 14% in Monday's early deals after the firm told investors it has successfully re-entered and deepened its Clink #1 well at the Ingomar Dome in the Montana Helium Fairway.
The well was re-entered and extended to a total depth of 8,550 feet, with a seven-inch intermediate casing set at 2,622 feet to secure the Mowry formation.
The company will now proceed with completing the well using production casing, followed by testing. If multiple formations are found suitable for testing, each will be assessed independently, starting from the bottom.
"The successful re-entry and subsequent deepening of Clink #1 is a significant milestone for the company,” chief executive Bo Sears said in a statement.
“I am delighted with the re-entry efforts and the exceptional work of our engineering team, as we see promising results in each of the target formations.”
Helix Exploration is focused on developing helium resources within the Montana Helium Fairway.
The company's portfolio includes 52 leases over the Ingomar Dome, with a prospective helium resource of 2.3 billion cubic feet and an upside potential of 6.7 billion cubic feet.
Also, it holds 6,674 acres in the Rudyard project, where a helium discovery has been confirmed at concentrations of up to 1.3%. The company anticipates its first helium production by the fourth quarter of 2025.
In London, Helix shares were up 2.95p or 14.4% in Monday morning's trade to change hands at 23.45p each.
Helix shares have now more than doubled in value since its AIM IPO in April, which at the time priced the shares at 10p each