Helix Exploration Regulatory News (HEX)

07 May 2025

Helix Exploration PLC("Helix Exploration" or "Helix" or the "Company")

Mobilisation of Flow Testing Equipment to Linda #1 and Weil #1

Helix Exploration, the helium exploration and development company with near-term production assets within the 'Montana Helium Fairway', is pleased to provide an update on flow testing scheduled for Linda #1 and Weil #1 within the Company's Rudyard Project.

Highlights:

· Mobilisation of work-over rig and testing equipment to commence this week

· Testing will commence with perforation at Weil #1 well testing combined flow from helium bearing Souris and Red River formation

· Work-over rig will then move to Linda #1 well to test helium bearing horizons

· Testing is expected to take approximately ten days on each well with results to be announced from each well separately once helium assays have been received

Bo Sears, CEO of Helix Exploration, commented:

"The imminent testing of two promising helium zones at Linda #1 and combined flow potential from the same zones in Weil #1 are key milestones towards our goal of being a leading onshore US helium producer."

"The encouraging oil shows encountered in the Duperow Formation have not gone unnoticed. While not the current focus, the scale and quality of these shows is exciting, and we intend to examine them more closely in future wells. This is a large, underexplored field, and we believe the Rudyard Project has potential beyond helium."

Background to flow testing

Helix Exploration is commencing the mobilisation of a work-over rig and flow testing equipment to Weil #1 and Linda #1 wells. The unit will be used to perforate and test two helium-bearing formations identified during drilling, in alignment with the Company's core strategy to advance near-term helium production.

The Company will commence testing operations at Weil #1 well. Weil #1 has previously been tested at 0.9% - 1.1% helium with good flow rates from separate perforations in the Souris and Red River formations. Helix plans to re-enter the Weil #1 well and create a single perforation to test both formations simultaneously, including any pay in potential fracture porosity between the two reservoirs. It is anticipated that this completion will produce higher absolute flow rates and allow for better production profile in line with Darwin #1 and Linda #1 when helium processing commences over summer 2025.

The Linda #1 well was cased to surface following the successful completion of drilling, which included multiple gas shows and strong indications of helium-rich intervals. The Company plans to test the Souris and Red River formations in a single perforation across both intervals, as at both Weil #1 and Darwin #1. Perforation and testing is expected to take roughly ten days on each well with results to be announced from individual wells once helium assays have been received.

The Linda #1 well also encountered encouraging oil shows within the Duperow Formation - an extensive carbonate reservoir across the 15,000-acre Rudyard Field. While the Company's immediate focus remains on proving up helium resources and feeding its processing infrastructure, the Duperow oil zone presents an intriguing longer-term opportunity. Helix intends to further evaluate this zone as part of its upcoming drilling campaign, beginning with the Inez #1 well.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.

Enquiries

Helix Exploration

Cairn - Nominated Adviser

Hannam & Partners - Joint Broker

Camarco - Financial PR

Notes to Editors

Helix Exploration is a helium exploration company focused on the exploration and development of helium deposits within the 'Montana Helium Fairway'. Founded by industry experts with extensive experience of helium systems in the US, the Company listed in April 2024

The Company has drilled two wells on two assets in 2024. Darwin #1 well at Rudyard Project tested 276ft in the Souris and Red River formations, flowing 2,750 Mcf/day at 1.1% helium. Rudyard field can support multiple production wells and has potential to generate net revenue of $115 - $220 million over a 12 - 14 year life of field.

Helix Exploration is fully funded and focused on production, taking advantage of existing infrastructure and low-cost processing to target first gas in 2025. Helix is committed to open and transparent communication with investors and the wider market as the project progresses through development into production.

"Our approach is simple: build scale efficiently, develop resources strategically, and deliver near-term cash flow." CEO - Bo Sears

The Company's Admission Document, and other information required pursuant to AIM Rule 26, is available on the Company's website at https://www.helixexploration.com/.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.