Helix Exploration Restarts Rudyard Helium Facility, Shares Surge
Helix Exploration Ltd's shares jumped approximately 7.4% on the London market on Friday following the Montana Board of Oil and Gas Conservation’s approval to restart operations at the company's Rudyard helium production facility. The Board issued an exemption on Tuesday that allows Helix to vent waste gas, primarily nitrogen, from the facility, with the condition that gas composition will be reviewed periodically.
The company has already begun restarting its wells and the production plant, and it anticipates resuming the filling of two leased tube trailers within the next few days under a helium sales arrangement that was announced on September 25. Helix noted that a further announcement will be made once flow rates are established and the filling process is underway.
Chief Executive Officer Bo Sears expressed optimism, stating that Helix looks forward to bringing the wells back online, restarting the facility, and continuing its field expansion program.