Helix Exploration PLC on Monday said it has made a downpayment on the acquisition of a helium pressure swing adsorption processing plant, to be installed at its Rudyard project.
The London-based helium exploration company focused on gas deposits in Montana, USA, said it has made an initial payment of $100,000 towards the total $500,000 consideration.
The plant, manufactured by Xebec, previously produced 48.0 million cubic feet per year of high grade helium with nearly 99% uptime. Its refurbishment and installation at Rudyard will be managed by Wikota Design & Construction.
Chief Executive Officer Bo Sears said: ‘We are delighted to announce the acquisition of a proven helium processing plant, a game-changing development for Helix Exploration. Securing this plant at a fraction of the cost of a new facility represents both a strategic and financial success for the company.
‘With the plant’s demonstrated ability to produce high grade helium and its rapid deployment potential, we can achieve production both faster and more cost effectively than fabricating a new facility from scratch. This acquisition underscores our commitment to delivering shareholder value by fast-tracking our Rudyard project into production while maintaining financial discipline.’
First production at the Rudyard project is targeted for early 2025.
Shares in Helix Exploration were up 5.5% at 18.99 pence each in London on Monday at midday.
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