Helix Exploration PLC on Tuesday said that it has executed a binding contract with Treasure State Drilling LLC for the provision of a drilling rig.

Helix Exploration is an exploration company focused on the commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana.

It started trading on London’s AIM on Tuesday last week.

The agreement is for the Cardwell KB-150 D1D drilling rig, as well as equipment for Helix’s third quarter appraisal drilling campaign at the Ingomar Dome project.

The rig is rated to 8,000 feet, and has sufficient capacity and equipment to fulfil Helix’s project requirements, the firm said. It will be available for drilling in the third quarter.

‘We are delighted to announce our new partnership with Treasure State Drilling, LLC, securing their Cardwell KB-150 D1D Drilling Rig for our upcoming project at Ingomar. I have personally worked with this Rig on two prior occasions and can attest to its performance in terms of load capacity, operational efficiency, and the proficiency of its operators,’ said Chief Executive Officer Bo Sears.

Shares in Helix Exploration were untraded at 10.85 pence each in London on Tuesday.

Copyright 2024 Alliance News Ltd. All Rights Reserved.