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The other piece of news that you may get before Christmas is an update on any relevant news coming out of the Hydrogen conference. I think there is a fair chance of a Memorandum of Understanding signed with Hydroma. Though not likely to be monetary it opens the door for Ingomar not to be bought out cheaply by another party if the Hydrogen is indeed significant.

Aliou Diallo the founder of Hydroma is a key note speaker at the conference. They established the well in Mali that flows to power the village. They have drilled extensively in the area to understand the geology of hydrogen. Though a private company they are Canadian registered. A fund raising exercise a few years ago had a valuation of $1 billion attached to the company.

Source: The Masked Stock Trader @ProAIMTrader on X (Twitter)

Solid analyst meeting:

- Fully funded for stimulation work +more

- Stimulation is very common and inexpensive in the area; to take place after Rudyard results

- Once confirmed the hydrogen resource will be the biggest in the USA

- Amsden He grade days away

David on the call "when we're able to confirm the 55% hydrogen level it will be the first major geological hydrogen discovery in the US."

The Masked Stock Trader "I think that there's a lot to digest in today's RNS, but take just the hydrogen for example: the tax credits alone, before you even produce anything could be worth $400m, with it being worth nearly $1bn if sold at the wellhead."

The calculations are on his feed.

Perversley on reflection I liked today's price action. It reminded me of the shale issue when we sold off, weak hands left, high turnover was recorded over the next few days and we settled in a higher range; expect the same.

The actually helium parts of the RNS were better than my expectations. The hydrogen was less than the 60% plus concentration I had expected but still word class. There will be plenty of interest in Paris in this hydrogen system and I'm sure there will be a partnership announcement coming from it within weeks. Whether that be as a Memorandum of Understanding or an actual JV will depend on what else is being said that wasn't in the RNS.

I hope Bo and the team are aware that under the Montana Code Annotated 2023 ,Title 90, Chapter 4, Part 10 - Energy "Development And Demonstration Grant Program" grants for up to $500,000 can be given for "a project plan sufficient to allow a reasonable determination regarding the potential feasibility of advancing energy storage or alternative energy systems". The hydrogen find qualifies.

David talks about the use of heavy mud (with a weight of 11 pounds per gallon or PPG) in the Proactive interview. He does care about flow rates as he believes the mud held back the reservoir flows. I feel this has not been really understood as the RNS did a poor job on such a key aspect.

David's interview highlights why he is so upbeat. First of all I have made some notes about the mud issue so it's clear to all what it actually means and then I have quoted parts of the interview that are key in understanding what the end-game is:

1. Heavy Mud to Control Gas Flow:

The heavy drilling mud was used to counteract the high pressures from gas in the formation, preventing it from flowing uncontrollably into the well. The weight of the mud provides hydrostatic pressure to stabilize the wellbore and avoid a "kick," where formation fluids enter the well.

2. Mud Invasion and Formation Damage:

Some of the heavy mud likely infiltrated the reservoir rock (formation invasion). This can block pore spaces, reducing the permeability of the rock. Formation damage of this kind restricts the natural flow of oil or gas from the reservoir into the wellbore.

3. Stimulation Required:

To restore productivity, stimulation techniques (e.g., acidizing) will be necessary. This method help remove the blockages caused by the heavy mud and enhance the flow into the well.

As David says “to induce permeability past the mud wall and allow us to access the actual reservoir all these practises are incredibly common and highly cost effective in in the USA we are fully funded and it looks like we've got something commercial so it's worth chasing after …

all of our reservoirs are looking really good. The Amsden is already generating a commercial flow rate of over 8000 cubic feet per day I mean that's a commercial producer with just that one reservoir once you've got the Flathead and the Charles flowing this baby could really sing"

The difference in hydrogen content between the gas sample isolated from drilling mud (55.2% hydrogen) and the formation gas sample (0.7% hydrogen) could stem from several factors:

1. Different Sampling Locations: The gas sample from drilling mud may have come from a region where hydrogen concentration is higher.

2. Impurities in the Formation Gas: The formation gas could contain impurities or other gases, diluting the hydrogen percentage.

3. Testing Methods: The two samples might have been tested differently or under different conditions, influencing the results.

A 55.2% hydrogen concentration suggests that the site has high potential for hydrogen extraction, which could lead to valuable future production. If this concentration is indicative of the broader resource in the Flathead formation, it may significantly increase the project's value

No you can't assume 2.5% helium concentration for Amsden but you can assume 0.5% would be commercial due to the flow rates.

OfficeCat, given the find and concentrations these are the players at the Paris convention where I think partnerships can come about due to the hydrogen. Mainly due the location of the find and the available infrastructure.

Hydroma Inc is a Canadian leader in the development of large scale clean hydrogen projects though they have a focus on the African Continent. They have a number of memorandum of understandings in place.

In Feb 2024 Koloma (USA company) raised a $245 million round of venture funding to develop tools and technologies to locate and eventually extract hydrogen from the earth. They haven’t found hydrogen yet.

The news is good but patience is needed. Rudyard was always the backstop. That looks like it will be commercial. Even though that looks better than expectations based on the original P50 that was $80m NPV or a 50p share price. Even if you discount it at a further 50% you still have 25p.

From a previous RNS Significant elevated helium was identified while drilling in the Amsden formation, reaching peak readings at 50x over background level. I expect this to be commercial based on flows and findings from this RNS.

The Flathead formation contains 2.5% helium. The cost of stimulation methods like acidizing start from $50,000 per well. In reality the extra cost means that instead of finding helium at 2.5% it’s net effect is like finding it at 1.5% concentration levels so still viable.

I still feel the hydrogen part of the discovery will be the game changer especialy at 55% concentration. I would expect a partnership to be announced within a few weeks of the Paris hydrgen convention. The grants and other opportunities around hydrogen are vast.

My final point goes back to the Ingomar area is 26 square miles. The information they have got from the Clink-1 drill will result in other wells potentially & they are funded for two more if needed.

I’m ignoring the helium & just talking about hydrogen at Ingomar dome here:

Helix Exploration have 52 leases over the Ingomar Dome that cover 16,512 acres or to understand the size better that is 67km / 26 miles squared.

The likelihood that Helix Exploration's first well at Ingomar Dome is in the "most optimum place for hydrogen" is unlikely given they focused on helium even though it could be commercial. However “significantly elevated hydrogen in drilling muds of up to 103,000ppm (10.3% H2) demonstrates presence of a hydrogen system within Cambrian strata.”

From the first drill at Clink-1, Helix will have learnt

1. Reservoir Characteristics:

They will gather data on porosity, permeability, and the overall quality of the Cambrian strata. This will help determine whether these formations can store and produce hydrogen effectively.

2. Hydrogen System Dynamics:

Elevated hydrogen concentrations (10.3%) in drilling muds indicate a working hydrogen system. They will study the depth, pressure, and potential migration pathways of hydrogen to refine their understanding of the resource distribution.

3. Geological Structure:

Information about the structure of the anticline at Clink-1 will validate or challenge existing geological models.

4. Hydrogen Saturation Zones:

By analysing zones with the highest hydrogen concentration, they can prioritize similar areas within their 16,512-acre leasehold.

5. Formation Trap Integrity:

They will learn whether the Cambrian strata act as an effective trap, retaining hydrogen in place.

Whether Clink-1 flows commercially or not this information will allow Helix to adjust their next drill locations, targeting even more favourable zones and improving their chances of intersecting even higher concentrations of hydrogen.

Bo Sear’s LinkedIn post “Natural Hydrogen – Invest the Project, Not the Technology” for me was a call to say why are we investing millions in Koloma with their data driven approach in an attempt to say where hydrogen may be found when we have drilled and actually found hydrogen.

Worse case I see a RNS out before the Paris hydrogen conference saying “hydrogen levels up to x % have been confirmed and we are still appraising whether this (well) is commercial”. I think they will be attempting to target large buy-ins or interest in selling off (re-assigning) some of the leases whilst in Paris based on all the data they would have accumulated and the hydrogen concentration seen.

"So you feel it has been held back by a broker report that very little knew existed ? Not sure I believe they have that much effect on the SP to be honest."

I guess I do. I don't know how many knew it existed but more to the point it would be about the number of shares they held.

I'm not going to pretend I know about the psychology of the market and in particular Helix's company specific shareholder profile but my gut feel was that some holders may have attributed enough weight to the report to lighten up when they saw the share price not reacting in the manner they felt and followed suit.

It could be argued that it was just as likely that large holders offloaded into strength & had as much if not more of an impact. Realistically both played a role. I just believe had that report not been issued the price would have closed better than it actually did.

No one is talking about the elephant in the room. Maybe because not everyone is aware. I'm talking about the Hannam and Partners (H&P) research note that came out yesterday. I've only just finished going through it due to work commitments. Interesting reading and to be honest I prefer their research papers to anything that generally comes from Oak securities as it tends to be housed in reality.

H&P gave a present risked valuation of 34p for Helix. It's no coincidence that the share price has struggled on the back of a great RNS. Of course some of their assumptions are questionable and they've been pretty conservative. For example they are saying they Rudyard has a 50% of being commercial. A large part of this is because of the risk on flow rates though they acknowledge their risk-adverse approach. Of course Rudyard is going to flow commercially but people will be swayed. My conviction in Rudyard is now unquestionable.

Their unrisked valuation was £1.83 per share. To be clear they haven't even considered hydrogen. It forms no part of the paper. I have very high hopes for hydrogen. If only one of helium or hydrogen could be considered commercial out of Ingomar I would prefer hydrogen as I think it would do far more to the share price both immediatey and in the longer -term.

About 3 or 4 videos ago Bo mentioned ESG and he referred to it as such as opposed to Environmental, Social & Governance to give it its fall title. As the corporate world moves towards further embrace of ESG a hydrogen play becomes massive. With the ever increasing number of ESG funds, catching their attention is crucial.

For example, the Vanguard ESG US stock fund in 2023, made 23.9% and beat the S&P 500 by more than 3.5 percentage points. These are further funds that would potentially have aholding in a hydrogen company.

Invesco ESG ETFs:

L&G Hydrogen Economy UCITS ETF:

VanEck Hydrogen ETF

My point is thay a hydrogen play benefits Helix and the share price immeasurably. You would have companies in the ESG space wanting to hold 5-10% of the company. It is not unrealistic for Helix to be the number one play in the USA in a few weeks. It will be on everyones radar and with only 125.7m shares in existence it will flip from being under-valued to over-valued as the lack of float becomes an issue.

Again I'm confident on hydrogen at Ingomar being the game changer which basically, being flippant means I couldn't care less about the helium there given we have Rudyard.

When the Rudyard reserves are proved up they will have a value that is a lot higher than here. Your risk appetite is your only stumbling block. The share price will go to around the NPV value. If not any significant disconnect will see it as a takeover target. Bo is well-connect to even engineer this scenario if he gets fatigued with the share price.

I still stand by the fact Ingomar and in particular the hydrogen is a game changer. Bo et al. would not be off to Paris with so much going at Ingomar and Rudyard if it was not crucial for Helix.

Borsaci06 - some good perspective. However it seems like you need a bit more context.

Gold Hydrogen peaked in early 2024 at A$2.15 , equivalent to £175m. If Helix recah that capitalisation that is £1.40 per share.

Australia is not a great market compared to the USA. There are about 11,000 registered manufacturing firms in Australi compared to about 600,000 in the USA. I'm not saying that's where helium and hydrogen only gets used but it gives an idea of scale of markets. The further you have to route the product the less commercial.

Neil McDonald their CEO talked about flowing hydrogen and setting up a generator - see the videos on youtube. It never happened. You have to question the flows . Assuming Gold Hydrogen was in Montana with that data (and assuming it flowed) it would have a market cap of £500m. As Kirstie Allsopp said it's location, location, location.

I just wanted to break down their tweet posted at 7.27am this morning.

1. Helium Gas-Shows: Significant helium was detected at Darwin #1. "Gas-shows" refers to levels of helium in the gas collected from the well. High gas-shows indicate substantial helium presence.

2. 330+ ft of Gross Pay: "Gross pay" is the total thickness of rock formations containing gas. Here, over 330 feet of rock holds potential for helium production, suggesting a large reservoir. This is the most important part for me as I think the initial P50 was 100 and something.

3. Peak Helium Levels at 1,312 ppm: Peak helium readings reached 1,312 parts per million (ppm), roughly 250 times the normal atmospheric level. Such high concentrations suggest a strong helium source within the formation. At this stage on a like for like basis HE1 on Tai3 and Itumbula were 6 and 20 times background levels.

4. Bigger Closure: "Closure" refers to the structural shape of the reservoir that can trap gas. A bigger closure implies a larger, potentially more productive reservoir structure than initially anticipated. Again this is boosting the potential reserve and the likely NPV.

5. Untested Horizons: Additional layers in the well remain untested, meaning further drilling or testing could reveal even more helium.

6. Exceeding Expectations: The findings have surpassed initial projections, suggesting promising future potential for the project. Let’s not forget initial expectations were $250m in situ and an NPV8 of $80m.

HE1 7th November 2023 Tai-3 well results

Whilst drilling into the fractured Basement, comprised of metamorphic gneissic rock, the well encountered elevated helium shows up to six times above background. These readings were measured from the drilling mud using the Micro Gas Chromatograph and validated using the onsite portable Mass Spectrometer.

RNS HE1 20th November Tai 3 well results

When pressure-volume-temperature analyses were performed. These samples yielded helium up to 8,320ppm helium,

Hex RNS today

Helium gas shows measured by mass spectrometer reached a peak of 1,312 ppm, approximately 250 times the concentration found in ambient air so when further testing is done you would expect a very good result hence “"The Darwin #1 well at the Rudyard Project has significantly surpassed initial expectations.”

Testing remains ongoing at Clink #1 with results from first gas analysis to be announced shortly.

sorry if you already know any of this but i want the new/potential investors to be able to follow what has been going on. rudyard leases were acquired from adam sandiford. he has been on site at rudyard since at least the 3rd of november: here is an exchange before the discovery from that date from his social media:

adam sandiford: i’m am so lucky to be able to thoroughly enjoy what i do for work. there’s just something about the thrill of the hunt…

other: everybody thinks you're killing the planet right up until you take their **** away. great pics.

other: by slowly killing the planet?

adam sandiford: i can stop looking for helium but you gotta give me your phone, laptop and game console — all of which do not exist without it.

other: idk about all that, know your limits

so subsequently helium has been discovered. zero surprise it was always going to be found (and it will flow) . it does look like 0.88%. again no surprise. if you see the last few of my posts i always talk about rudyard at 0.9% .... i rounded up. lol. however i can't see it flowing any higher to surface.

this gives a conservative npv8 of £38m or 30 pence for this element. this is without the additional leases subsequently acquired nor the extra strata where likely finds in my book mean rudyard alone could be worth up to £100m , i.e 80p per share.

as some of you know i'm confident on the hydrogen at 60% concentration and that it will be commercial. i also believe it flows from a process that is different to the standard accepted methods (see my earlier posts). this is the game changer but having a helium find that is commercial i.e rudyard means that due to the financing options the sum of the whole is worth more than the individual parts.

i don't see how an rns does not come tomorrow or thursday.

I was expecting an RNS today mainly based on increased activity on Bo's LinkIned feed. He posted 3 or so times in 48 hours having not posted for 4 months. I'm confident that hydrogen will be part of his eventual portfolio. We will know everything this month with the possibility that any day could bring news.

TL makes a good point as it is Veterans Day in the United States. As a federal holiday, most federal government offices, banks, and some businesses are closed. However, it’s less commonly observed as a day off for private sector employees, so many private businesses and non-federal employees may still work today. The US stock market is open but the bond market is closed.

I expect a RNS Monday. The give away for me was the tweet yesterday morning re. Hydrogen Conference. I don’t believe that was meant to be published. It initially came out with a URL as x. com/helixexp/status. Note the lower case “h” and “e” on helixexp as opposed to the upper case when republished: x. com/HelixExp/status. This can be a company internal control mechanism to differentiate status between draft/reviewed/published. The timing of the tweet just before 8am also smacks of a standard response time to a fully digested 7am RNS.

The next RNS will likely be the most significant they will ever release as it truly sets the company on the road & hence it would not be uncommon for associated social media posts to be scheduled in advance; in this case erroneously.

I think the tweet was very close from a compliance stance to being price sensitive information hence it should have come after a RNS. My thinking on this stems from my understanding that any type of discussions around JVs or divulging concentrations (at the conference) would need a prior RNS unless you are getting NDA's with everyone you are conversing with which is not practical.

I’m beginning to get a slight feeling that at Ingomar Dome helium concentrations are low (though if above 0.5% still commercial) or that the flow rates/reservoir trap and seals are insufficient for a commercial discovery. However I’m convinced the hydrogen concentrations and flows blow this issue away in terms of a rerate. I don’t see how decent hydrogen flows & concentrations (10% to 20%) do not give this a Market Cap of £100m or 80p a share. My workings suggest that every 1% increase in concentration above 20% adds about £1,250,000 to market cap i.e. 1 pence to the share price. This is why Bo was talking about “the World is ours”.

Rudyard is still very likely to be commercial in my view. Even at 0.9% helium concentration (P50 was 1.5%) the NPV8 (8% discount rate) is £38m (not dollars!) hence 30 pence per share just for this element of the company.

I think a Monday RNS will also include a positive Rudyard update.

Word for word from the RNS “The Company will run cased-hole wireline prior to perforating target zones for testing, with samples of any gas recovered sent to an external laboratory for gas composition analysis. The Company will test multiple formations from the bottom of the hole upwards. If initial results of a perforation are positive the Company will report gas composition to the market and perform an extended well test on the interval before moving on to the next horizon.”

Here's what this means in simpler terms:

1. Testing the Hole with Wireline: Before breaking through the target rock layers (called "perforating"), the company will lower equipment into the drilled hole to assess conditions. This tool (cased-hole wireline) helps check which layers have potential for hydrogen & helium.

2. Perforating and Collecting Samples: When they perforate, small holes are made in the casing around the rock to allow any trapped gas to flow into the well. Samples of any gas collected are then sent to a lab to determine what types of helium & hydrogen are present.

The lab (my best guess): The closest lab to the Ingomar Clink site in Montana for gas composition testing appears to be the MBMG Analytical Laboratory at Montana Tech in Butte, MT. I don’t know if they will use this lab but I would have thought so as this lab conducts specialized sample analysis and supports geological and natural resource research, making it well-suited for gas composition analysis required by projects like those in Ingoma. This is 290 miles away a 4.5 hours drive. The actual testing at the lab will likely take a few hours. A phone call as opposed to a drive back will deliver the results.

3. Testing from the Bottom Up: The company will begin tests at the bottom of the drilled hole and move upwards through various rock layers, checking each one for gas.

4. Reporting and Extended Testing: If the initial gas test looks promising, the company will publicly share the gas composition. They will then conduct longer, more thorough tests on that specific layer before moving up to the next one.