Rudyard – Ross #1 Well Spud

Helix spuds its fifth Rudyard well, advancing US helium production and integration.

What the company is saying

Helix Exploration PLC is announcing the spudding of the Ross #1 well on 23 October 2026, following rapid permit approval by the Montana Board of Oil and Gas Conservation. The company frames this as a key step in expanding its Rudyard field, targeting the proven Souris River and Red River formations, and emphasizes operational momentum by noting the well is the fifth in the Northern Dome. The narrative highlights vertical integration, referencing Helix’s control of its own drilling equipment and the July 2026 acquisition of the Keyes Helium Complex, one of only six helium liquefaction facilities in the United States. CEO Bo Sears stresses the company’s ability to mobilize quickly and the resumption of production after a regulatory pause, with three wells (Darwin #1, Linda #1, Weil #1) already producing commercial helium and the first tube trailer filled since 16 October 2026. The tone is confident and growth-oriented, with references to global helium shortages and demand drivers like AI and semiconductors. The company signals ongoing expansion, mentioning a fourth well (Ollie #1) awaiting flow testing and further well locations under review.

What the data suggests

The announcement confirms that Ross #1 was spudded on 23 October 2026 and is planned to reach a total depth of approximately 5,500 ft over about 21 days, with subsequent wireline logging, flow testing, and gas analysis. Three wells at Rudyard are currently producing high grade, commercial helium, and the company has resumed filling tube trailers since 16 October 2026, with the first trailer already filled. The Ollie #1 well is awaiting flow testing and gas analysis before potential connection to the PSA Plant. Helix’s acquisition of the Keyes Helium Complex in July 2026 gives it access to one of only six operational helium liquefaction plants in the US, supporting its claim of vertical integration. The company is pursuing a production expansion programme, reviewing additional drilling locations. While operational milestones and asset control are clearly disclosed, the announcement does not provide production volumes, sales figures, or financial metrics, making it impossible to assess current revenue or profitability. The evidence supports progress in field development and infrastructure build-out, but the financial impact remains unquantified.

Analysis

The announcement provides a detailed operational update, including the spudding of the Ross #1 well, recent regulatory approvals, and the acquisition of the Keyes Helium Complex. Several realised milestones are disclosed, such as the resumption of production, the filling of the first tube trailer, and the operation of three producing wells. However, a significant portion of the release is forward-looking, including the expected drilling timeline, future flow testing, and plans to tie in new wells. The company's narrative emphasizes growth potential and vertical integration, but no production volumes, sales figures, or profitability metrics are disclosed, limiting the ability to assess financial impact. The capital intensity is high, given the recent acquisition and ongoing drilling programme, but immediate earnings impact is not demonstrated. The tone is optimistic and growth-focused, but the gap between narrative and measurable financial progress is material.

Risk flags

• ●Operational risk is present as the Ross #1 well has only just been spudded, and successful production depends on drilling, flow testing, and gas analysis outcomes. If the well does not meet commercial thresholds, expected incremental production will not materialize.
• ●Disclosure risk is elevated due to the absence of production volumes, sales figures, or financial metrics in the update. Investors cannot assess the economic impact of current operations or the return on recent capital investments such as the Keyes Helium Complex acquisition.
• ●Execution risk exists around the integration of new wells and the ramp-up of the expanded processing and liquefaction infrastructure. Delays or technical challenges in tying in Ross #1 or bringing Ollie #1 online could slow the anticipated growth trajectory.
• ●Market risk is highlighted by the company's emphasis on global helium shortages and demand growth, which, while supportive of the sector, also exposes Helix to commodity price volatility and potential changes in end-market demand.

Bottom line

Helix Exploration PLC is moving quickly to expand its US helium production footprint, with the Ross #1 well now drilling and three existing wells already producing commercial helium. The company’s acquisition of a rare US helium liquefaction facility positions it for vertical integration and potential third-party processing revenue, but no production or financial figures are disclosed to quantify current performance or the impact of these milestones. The operational update demonstrates clear progress in drilling and infrastructure build-out, yet the absence of economic data leaves the financial upside unproven. The next key catalyst will be the flow test results and tie-in of Ross #1 and Ollie #1, which will determine whether the expansion translates into higher output. Investors should focus on forthcoming disclosures of production rates, sales, and margins to gauge the real value being created. The most important takeaway is that Helix is operationally advancing, but the investment case still hinges on future evidence of commercial scale and profitability.

Announcement summary

(AIM: HEX, OTCQB: HEXFF, LSE: HEX) Helix Exploration PLC announced the spudding of the Ross #1 well on 23 October 2026, following permit approval by the Montana Board of Oil and Gas Conservation. The Ross #1 well is intended to be the fifth production well in the Northern Dome of the Rudyard field and targets the Souris River and Red River formations. The well is located approximately one mile north north-east of the processing plant and will be drilled to a total depth of approximately 5,500 ft, with drilling expected to take approximately 21 days, followed by wireline logging, extended flow testing, and gas analysis. Subject to successful flow testing and gas analysis, Helix intends to tie the Ross #1 well into the existing gathering system and connect it to the PSA Plant. Helix is currently operating three wells at Rudyard—Darwin #1, Linda #1, and Weil #1—all of which are producing high grade, commercial helium under a spot sales arrangement and are connected to the gathering system, providing throughput to the PSA plant. Since resuming production on 16 October 2026, Helix has resumed filling tube trailers on continuous rotation, with the first tube trailer having been filled. A fourth well, Ollie #1, is awaiting flow testing and gas analysis and is expected to be connected to the PSA Plant thereafter. The company is reviewing additional helium well locations as candidates for the next well following completion of Ross #1, as part of its planned production expansion programme. Helix controls its own drilling equipment, which enabled rapid preparation and mobilisation to the Ross #1 well site within two days of permit approval. The company’s flagship Rudyard Project in Montana commenced production in February 2026, with first commercial sales in July 2026. Production was restarted after a regulatory pause announced on 3 September 2026, following approval from the Montana Board of Oil and Gas Conservation on 15 October 2026. Helix is expanding Rudyard through a drilling and processing capacity programme, supported by its own drilling rig. In July 2026, Helix acquired the Keyes Helium Complex in Oklahoma, which is one of only six operational helium liquefaction facilities in the United States. The company’s combination of producing helium resources, owned drilling capability, and liquefaction infrastructure provides unique control across the value chain and multiple avenues for growth, including increased production, third-party processing, and liquefaction. Helix is focused on scaling a vertically integrated helium business to serve the growing North American and global markets.

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