LONDON - Helix Exploration PLC (LON:HEXH), a company specializing in helium exploration within Montana's Helium Fairway, has recently announced the acquisition of a Pressure Swing Adsorption (PSA) helium processing plant. This strategic move is aimed at bolstering the company's production capabilities at its Rudyard Project in Montana, with an eye on commencing production in 2025.
The plant, acquired for $500,000 (£397,500), has a proven track record, having produced 48,000 Mcf per year of high-grade helium. It boasts an impressive 98.5% uptime, highlighting its reliability. Helix Exploration's CEO Bo Sears expressed that the acquisition represents a significant cost and strategic advantage, allowing the company to initiate production faster and more economically than building a new facility.
The PSA plant, previously operated by Xebec, is expected to reduce Helix's capital expenses and expedite the production timeline. The company plans to refurbish and install the plant with the assistance of Wikota Design & Construction, a firm with extensive experience in gas processing.
William Pankhurst, CEO of Wikota Design & Construction, noted the partnership's value, emphasizing their expertise in processing helium and other gases. He expressed confidence in meeting Helix's production targets in Montana.
Helix's acquisition is funded in full, positioning the company to move from exploration to development stage. The company has communicated its commitment to operational efficiency and creating shareholder value, promising to keep stakeholders informed as the refurbishment proceeds.
The announcement comes on the heels of Helix's successful drilling results at the Rudyard Project and the Ingomar Dome Project, where significant helium and hydrogen potential were identified. The company's strategic focus is now on early production at Rudyard, leveraging existing infrastructure and low-cost processing options.
This acquisition and the forthcoming updates on the plant's refurbishment and installation are based on a press release statement from Helix Exploration. The company's move towards production represents a pivotal development in its aim to become a significant player in the helium market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.