HeLIX Exploration PLC shares strengthened on Friday, as chief executive Bo Sears reassured investors that the small-cap firm is "now closer than ever" to becoming a helium producer.
In a statement this morning, Helix told investors that a minor technical issue discovered during the final stages of commissioning has temporarily delayed the start of helium production at its Rudyard project in Montana.
The AIM-listed helium explorer said the problem related to the project’s Variable Speed Drive (VSD), which it has now fixed, with the VSD “operating seamlessly”. Helix said it plans to update the market on its production milestone and provide a broader operational update in the week commencing 16 February.
"Our team has worked tirelessly, and thanks to their dedication and expertise, we are now closer than ever to achieving a significant milestone - becoming the first helium producer in the state of Montana," said chief executive Bo Sears.
"The Board remains confident in the tremendous potential of the Rudyard project and is excited to take this important step towards production, creating value for our shareholders while contributing to the global helium market."
Once production is underway, the company said it intends to host several prospective offtake partners at the Rudyard site as it weighs potential arrangements.
In London, the share was up 15% at 28.3p.