HeLIX Exploration PLC (AIM:HEX) earlier this week shared a significant operational update following strong flow test results at the Linda #1 well, part of its Rudyard helium project.
The company said the well began flowing immediately upon perforation, without any assistance.
CEO Bo Sears said, “I've never seen anything like it in my 30 years of drilling wells.”
Linda-1’s performance exceeded internal expectations and mirrored earlier success at the Darwin #1 well, and, the Rudyard project continues to expand in scope
Sears joined the Proactive studio to tell us more about the project, here we take a closer look at what was said.
Proactive: Joining me is HeLIX Exploration CEO, Bo Sears.
Bo, very good to speak with you. And great news today — how large could the field potentially be based on current data?
Bo Sears: Yeah. Thanks, Stephen. So these last results were quite stellar. And they just further enhance our scope of the Rudyard field.
It just keeps growing by the minute, seemingly.
So we're really excited.
Back in 1977 an independent analysis gave this field 2.60 billion cubic feet of helium. That's a lot of helium.
So we are pushing, closer every day in that direction.
Proactive: What do the Linda #1 well results suggest about the upcoming CPR?
Bo Sears: So Linda #1 was obviously, as just stated, just exceeded our expectations.
It was a well, that much like the Darwin, once we perforated it, it started flowing immediately with no help, no nothing.
I've never seen anything like it in my 30 years of drilling wells.
So once we collect all the pressure data on that well — and right now we are moving the workover unit to the Weil #1 well — then we'll have some good data to put into a CPR.
Proactive: When can we expect the updated reserves report to be published, Bo?
Bo Sears: As soon as we're finished with our operation up there. It should take another, a week or two. Probably.
Proactive: Given that Linda #1 flowed at nearly twice the expected rate, is there potential to increase the planned production rate?
Bo Sears: That would be ideal. Luckily, we are using a membrane and pressure swing adsorption processing plant. So whenever we have more volume, we just add more membranes. It's actually quite that simple.
So we're very nimble in that regard.
Proactive: Bo, I hope you'll continue to keep us updated with progress.