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Helix Exploration PLC (AIM: HEX) does not provide a specific, detailed production forecast or revenue guidance explicitly “after 12 months” (i.e., around March 2027) in their public announcements or project updates as of March 2026. The company is in the very early stages of production ramp-up at the Rudyard project, having only just commenced helium gas production in late February 2026 from initial wells, with capacity scaling ongoing.

Key details from their disclosures (primarily from RNS announcements, company website, and project descriptions):

• Production Expectations and Ramp-Up: The Rudyard project has four production wells (three currently online/tied in, with the fourth — Inez — expected to follow after testing/completion). These target up to ~3,800 Mcf/day (thousand cubic feet per day) of raw/input gas flow at ~1.2% helium concentration.

• Initial production started at lower levels (~1,500 Mcf/day raw gas, equating to ~18 Mcf/day contained helium).

• The company states capacity will scale toward full production over the coming months as the on-site team stabilizes processes around the PSA (Pressure Swing Adsorption) plant.

• The field can support multiple additional production wells beyond the initial four, with potential for further drilling to increase output (no specific timeline given for new wells, but the focus is on organic growth funded by early production cash flow).

• No explicit “after 12 months” target is stated, but models imply potential to approach or exceed the ~3,800 Mcf/day raw gas rate (or higher with more wells) as ramp-up progresses in 2026–2027.

• Revenue Projections: Helix consistently highlights field-wide economics over the project’s 12.5-year life (sometimes cited as 12–14 years):

• Net revenue potential of $115–$220 million total over the full life of field (after costs, royalties, taxes, etc., in some references).

• Peak sustained post-tax cash flow/profit: $15–$28 million per year (or $16.5–$28 million in some updates).

• Earlier modeling (pre-production) suggested that sustained flow from the initial three wells at conservative rates could generate pre-tax revenue of circa $12 million per year (based on ~2,000 Mcf/day raw gas per well, 1.1% helium, and $500/Mcf helium sales price). Individual wells were modeled at ~$4 million gross annual revenue potential.

• NPV8 (net present value at 8% discount): $78–$146 million. IRR often cited as >1000% in optimistic scenarios. These are long-term field potential figures, not short-term year-1 or year-2 specifics. Revenue in the first 12 months (through early 2027) is expected to be much lower initially due to ramp-up, stabilization, securing offtake contracts, and any additional well connections. The company is actively pursuing a mix of short- and long-term sales agreements to optimize pricing amid global helium shortages (e.g., Qatar disruptions). Actual realized revenue will depend on achieved production volumes, helium spot/contract

Helix Exploration’s current production at the Rudyard project (as of early March 2026) is in the early ramp-up phase following the successful start of helium gas production in late February 2026. They have three wells tied in initially, with input gas production starting around 1,500 Mcf/day (thousand cubic feet per day) of raw gas stream, containing approximately 1.2% helium (based on flow tests from the wells at 1.06–1.21% He).

This means the gross helium production rate is roughly:

• ~18 Mcf/day of contained helium (1,500 Mcf/day × 1.2% = 18 Mcf/day).

The company processes this via their PSA (Pressure Swing Adsorption) plant to achieve high purity (99.999%, or five-nines), suitable for premium markets. They recently leased their first high-pressure tube trailer (capacity ~156,300 SCF, or about 156 Mcf per load) to enable commercial transport and sales, marking the transition to actual revenue generation. Production is expected to scale as more wells connect (targeting up to ~3,800 Mcf/day input from four wells, or potentially higher toward 6,000 Mcf/day in models), which would increase helium output accordingly.

Regarding revenue at the current spot price: Helium spot prices in March 2026 vary significantly by region, purity, volume, and contract vs. spot nature. For North America (relevant to a US producer like Helix):

• Recent indices show North American bulk helium around $59–$64 per Mcf (thousand cubic feet) in February 2026 data, with some softening but still elevated due to global supply disruptions (e.g., Qatar force majeure issues impacting LNG/helium co-production).

• Spot or import prices can be higher in tight markets—often cited in the $280–$450+ per Mcf range for industrial/Grade A helium, with end-user spot deals sometimes exceeding $1,000/Mcf in extreme shortages—but these are not uniform.

Using a conservative North American bulk figure of ~$60 per Mcf for contained/purified helium (aligning with recent regional indices):

• At ~18 Mcf/day helium: **~$1,080 per day** gross revenue potential.

• Weekly (7 days): ~$7,560 per week.

If using a higher spot range like $300–$450/Mcf (more reflective of premium or constrained market sales for high-purity helium):

• At $300/Mcf: ~$5,400/day → **~$37,800/week**.

• At $450/Mcf: ~$8,100/day → **~$56,700/week**.

These are gross estimates before costs (processing, transport, royalties, etc.), taxes, and any discounts for initial/off-take deals. Helix is just starting commercial sales (no exact revenue figures disclosed yet in March 2026 updates), so actual realized prices could differ based on contracts they secure amid the ongoing global helium tightness.

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