Helix Exploration has extended its helium sales arrangement with an industrial gases customer to March 2027, committing all of the available output from its Rudyard project in the US.
Under the deal, which will resume once production restarts, Helix committed all available helium volumes to the customer, though it said it could agree longer-term, higher-volume arrangements in future.
The terms, including the customer’s identity and pricing, remain confidential, but Helix said the agreed prices were significantly above the assumptions in its pre-flotation business model. It expects to add further wells through an ongoing production expansion.
Bo Sears, Chief Executive Officer, said: “Having demonstrated our capability as a supplier of high-grade helium to an important industrial gases group, we are pleased to convert a short-term arrangement into a longer-term spot sales agreement, taking advantage of strong helium demand. With a production expansion programme underway, we look forward to increasing sales volumes to the Customer over time.”
Helix Exploration shares rose 5% on the news.