RE: RNS22 Feb 2026 07:34
Morning all, I think we need to remember why comms may have become less consistent. I feel like it coincided with the departure of David Minchin. He was replaced by Keith Spickelmier when he was appointed as the Independent Non-Executive Chairman in August. Maybe comms are not Spickelmier’s forte, like they seemingly were Minchin’s. So why was he brought into the team? According to HEX, ‘Spickelmier was appointed to guide Helix Exploration through a "pivotal transition phase" as it moves from a startup explorer to a commercial helium producer.’ Production is imminent, if it hasn’t already been happening for the last week or so. Next, making it commercial: can HEX sell the stuff? In short, yes: ‘HEX will host prospective offtake partners at the Rudyard site, focusing on securing favourable terms once helium production commences.’ Hopefully we’ll get some big updates on offtake agreements in the near term. And at some point this year, imo, I think HEX will be sold and Spickelmier will be pivotal in this. He has an excellent pedigree in corporate asset sales. A quick AI search states: ‘Keith Spickelmier has a significant track record of building and successfully selling energy companies. His career is often characterized by a strategy of taking companies from inception through exploration and development to a lucrative exit. Notable examples of his involvement in selling companies include:
* Westside Energy Corp: As the founder and Chairman, Spickelmier led this Texas-based Barnett Shale producer from its inception in 2003 until its sale in 2008. The company was sold for approximately $200–$230 million in enterprise value.
* Sintana Energy Acquisitions: While primarily a builder, he recently oversaw significant corporate transactions at Sintana Energy. As Executive Chairman, he chaired a special committee that evaluated and approved the all-share acquisition of Challenger Energy Group PLC, which was completed in December 2025.
* Early Ventures: He was also the co-founder of Mallard Cablevision and Willow Park Cable LLC, the latter of which he chaired from 1998 until 2007.’
My view is that Helix Exploration will be sold in 2026. And if this happens, it will be sold for many multiples of the current share price. I intend on holding for a big acquisition. Just my musings on a Sunday morning! Fingers crossed for a huge few weeks ahead for HEX. GLA. CJ
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