What next?8 Dec 2025 09:44
This is the news we’re waiting for, that will take us into the 30s and beyond:
- Compressor on site, plant completed and first 3 wells bought online to production ramp up (2 weeks to come fully online).
- Offtake agreement news, ideally with sale price (although likely won’t be told this)
- First revenue / first helium sold, changing Helix from explorer to production company.
- Inez update – last tweet was 25th Nov showing the rig up. They could have paused for Thanksgiving, so over a week of drilling so far, 24/7. The plan is to target and test Hydrogen Source Rocks:
The delay with Inez occurred because they pivoted mid-drill to evaluate hydrogen potential in the mantle. The opportunity is so large that they decided to test the lower zone first (instead of the whole Souris River at once like they did with Linda). They took time to analyse results, change strategy and procure a different rig to core out and test the mantle.
“Targeting Hydrogen Source Rocks: The Company will remove existing production tubing and drill through to total depth, coring an additional 30-40 feet of ultramafic rock - the critical rock type responsible for natural hydrogen generation.”
Once completed
“Following coring operations, Helix will perforate the entire Souris River zone to complete the well for helium production, enabling helium bearing gas to supply the Company's new PSA/Membrane processing plant in Rudyard.”
- Hydrogen potential. The data from Inez will enable Helix to better understand if there is commercial hydrogen at Rudyard. Not sure how long this will take to test, or if there will be initial results followed by more testing. This could be huge is it’s there (and all data so far suggests it is).
- Full flow rates at Inez. They initially tested the lower horizons for Helium. After perforating the whole Souris River we’ll have critical data about the well’s (helium) performance, which will give some indication of the scale of the southern dome.
- We were all expecting a 5th drill location. This is delayed while they evaluate hydrogen potential, as we could be drilling for a more valuable target – hydrogen, or helium, or both in future drills. Bo said in a recent interview that, once they have the full Inez results as the first well on the southern formation, they’ll likely conduct seismic surveys to ensure they’re targeting future wells effectively. Could be a short pause for this.
- Updated reserves statement. Remember that the current reserves info was produced in Jan 2025 after the first well only (Darwin). This needs to be updated with data from Linda, Weil and Inez (ie – significantly upgraded reserves – Helium and possible Hydrogen).
- Possible joint venture to evaluate and commercialise any Hydrogen discovery. Faster route to commercialisation that won’t require additional capital/dilution.
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