Proactive Investors - Helix Exploration PLC (LON:HEXH) has announced a strategic partnership with Petroleum Consultants (PC) as part of its phase-one work programme - a crucial step towards initiating a drilling campaign scheduled for the third quarter of this year.
Known for its expertise in hydrocarbon exploration and development across the United States, especially in the Rocky Mountains region, the contractor brings a management team that includes three professionally licensed petroleum engineers with over 40 years of combined experience.
It has served more than 50 clients, providing services from engineering and project management to well-site supervision, regulatory assistance, and administrative support.
Helix chose Petroleum Consultants based on its substantial operational experience in Montana, the focus of its operation.
"We are pleased to announce the commencement of our appraisal well programme through a strategic partnership with Petroleum Consultants, headquartered in Billings, Montana," said Helix CEO Bo Sears.
"This collaboration entails comprehensive drilling engineering services encompassing well design, completion design, flow-testing procedures, and overall well site supervision. Leveraging their extensive experience in the State of Montana and across the broader Rocky Mountain regions, Petroleum Consultants will play a vital role in optimising our drilling and testing processes.
Helix's assets comprise fifty-two leases along the 'Montana Helium Fairway', with mapped closures and a P50 resource base of 2.3 billion cubic feet.
Historic drilling and/or testing has identified gas in all target reservoir horizons. Helium is in unprecedented short supply, and demand from high-tech applications continues to grow.
The new CHIPS act, which includes US$39 billion in tax benefits and other incentives to encourage American companies to build new chip manufacturing plants in the US, is expected to boost domestic demand for helium, which is a key component of semiconductor production.