Helix Exploration plans to open the PSA plant in its Rudyard project in Q2.
Bo Sears, CEO of Helix Exploration, said it is advancing towards production following the acquisition of the Xebec PSA Processing Plant over Christmas, and it requires only minor work to bring it to operational readiness.
Source: Helix Exploration
He said results from Darwin #1 indicate that the anticline at Rudyard “surpasses our expectations” and is larger than previously modelled and could represent the largest producing helium structure in the State of Montana.
The project offers proven helium gas up to 1.3% helium flowing to the surface from two adjacent wells and includes three stacked reservoir horizons within two co-joined domed anticlinal structures. The reservoirs at 5,000-5,500ft (1,500-1,700m) are shallower than Ingomar Dome, its other project.
The production target is pending acquisition of front-end membrane units.
Exploration Chairman David Minchin said it spudded an appraisal well at the end of last year and it contained a contingent resource of 480,000 Mcf in Red River, with 110,000 mcf in the untested dry creek. “It’s building up to quite a sizeable global resource,” he said.
The drilling allows to confirm sustained flow rates, enabling the upgrade of the resource to a reserve ready for commercial development. He said it has grown its land package to over 6,000 acres.
Rudyard has an estimated in-situ value exceeding $250m at a helium price of $550 Mcf.
Source: Helix Exploration
US Energy Corp. reported ‘high-quality non-hydrocarbon-based helium’ (1.5%) at its newly acquired assets in Montana last November.
Helium was identified in multiple zones, with the highest concentrations found in nitrogen-based, non-hydrocarbon formations. Additional helium was also discovered in non-hydrocarbon, CO2-based formations.
