Helix Exploration PLC on Monday reported positive findings following recent drilling as the company seeks to determine the commercial viability of two resource formations in the US.
The London-based helium exploration & development company is focused on helium deposits in the US state of Montana.
Drilling on August 17 identified ‘significantly elevated helium’ in drilling mud within the Amsden and Charles formations.
Helix Exploration shares were up 18% to 23.23 pence each in London on Monday afternoon just after midday.
‘The identification of a helium gas-show indicates a recorded increase in helium gas above the baseline levels, demonstrating presence of helium in the formation being drilled. The presence of a helium gas-show is a positive indicator for further exploration, as it shows that the formations contain anomalously high levels of helium, which is a valuable and sought-after gas for various high-tech and industrial applications,’ Helix said.
However, the gas-show alone does not confirm that the helium can be economically extracted meaning further testing and analysis is required to determine the commercial viability of the helium system.
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