HeLIX Exploration PLC (AIM:HEX) shares rallied more than 16% on Thursday in response to a “company-making” commercial helium discovery in Montana.
The discovery, located in Helix’s Darwin #1 well at the Rudyard Project, logged commercial flow rates of 2,750 thousand cubic feet per day (Mcf/d) of raw gas on a 40/64" choke.
“With deep experience taking helium projects through exploration into production, the board is uniquely positioned to rapidly advance our projects,” stated chief executive Bo Sears in a trading update.
He added: “With low capital requirements and high yield return on investment Rudyard is attractive to many forms of project finance.
“We look forward to an exciting 2025 as we update the market on plans to become cash-generating before the end of next year."
Shares were trading at 19.62p at last read.