Helix Exploration has announced progress in its helium exploration efforts at the Ingomar Dome Project in Montana. The company provided an operational update on the Clink #1 well, highlighting drill progress and advancements towards testing.
Helix Exploration shares were 12% higher in early trade on Monday following the announcement.
Investors were evidently pleased to learn the company successfully controlled the Mowry formation by setting 7-inch intermediate casing through the entire interval, reaching a depth of 2,622 feet. This was followed by a successful re-entry and deepening of the wellbore to 8,550 feet.
Helix Exploration is now preparing to complete the well with production casing and commence testing. If multiple formations are identified as suitable for testing, the company plans to conduct isolated tests on each zone, working from the bottom up. This methodical approach will allow for a comprehensive evaluation of the well’s potential.
During the deepening process, the company discovered a second thick Cambrian sandstone horizon at 8,290 feet, extending to the total depth. Helix said that while the initial goal of reaching Precambrian rock was not achieved, this new finding could potentially hold significant value for the project.
“The successful re-entry and subsequent deepening of Clink #1 is a significant milestone for the Company. I am delighted with the re-entry efforts and the exceptional work of our engineering team, as we see promising results in each of the target formations,” said Bo Sears, CEO of Helix Exploration.