Rudyard
Rudyard is Montana’s first producing helium field. Helix acquired the project in June 2024, confirmed a commercial helium discovery at Darwin #1 in Q4 2024, and began production on 23 February 2026 through its on-site PSA processing facility. Commercial sales began in July 2026.
Three wells (Darwin #1, Linda #1 and Weil #1) currently supply the plant. Under an extended spot sales arrangement, 100% of available Rudyard volumes are committed to an industrial gases customer through to March 2027, with helium delivered by continuous tube-trailer rotation using Helix-leased and customer-supplied trailers.
Helix controls approximately 7,927 acres over the crest and primary flanks of the Rudyard Anticline, covering all producing wells and the confirmed helium-bearing reservoir interval.
Production expansion programme
Helix is investing to accelerate production at Rudyard:
- Owned drilling rig: In June 2026 Helix acquired Treasure State Drilling and its Cardwell KB-150 rig (rated to 8,000 ft), which drilled all of Helix’s Rudyard wells. Owning the rig removes day rates and mobilisation costs and gives Helix control over drilling timing.
- New wells: A funded programme of four additional wells at approximately US$1m per well, with US$4m allocated to drilling.
- Processing capacity: A new membrane (approximately US$0.5m) is expected to roughly double the plant’s available throughput capacity.
Drilling Update
Ollie #1: Spudded on 14 September 2026 and drilled to a total depth of 6,311 ft in 20 days, ahead of schedule and under budget, with casing set and cemented to surface. The well recorded a peak mudlog helium reading of 4,800 ppm (0.48%), four times the previous Rudyard high of 1,200 ppm. Perforation, flow testing and gas analysis are next; subject to results, Ollie #1 will be tied into the gathering system at Weil #1.
Ross #1: Spudded on 23 October 2026, within two days of permit approval, as the next well on the Northern Dome. Note: mudlog readings are not a measure of reserves or production potential.
The Rudyard Project
- Large: Co-joined domal anticlinal structure underpinned by the Great Falls Tectonic Zone, offering strong structural potential for helium accumulation.
- Thick: Extensive reservoir intervals confirmed, with Darwin #1 perforating 236 feet across the Souris and Red River formations.
- Producing: Commercial helium flowed from Darwin #1, Linda #1 and Weil #1, which are now in production.
- Reserves: Independent evaluation by Aeon Petroleum Consultants Corp. estimates significant recoverable helium volumes in the Northern Dome, with additional contingent resources identified in the Southern Dome.
Independent estimates by Aeon Petroleum Consultants (January 2025) give gross 3P reserves of 355 MMcf in the Northern Dome and gross 2C contingent resources of 280 MMcf across the Souris and Red River formations.
- Low CAPEX: Takes advantage of existing infrastructure on site including three-phase power, road and rail transport connections.
- Processing Plant: Xebec PSA plant acquired for US$500,000 and operational since February 2026. A new membrane is planned to roughly double available throughput capacity.
- Fully Funded: Helix raised £17.6m in July 2026 (institutional placing and retail offer at 22p), with cornerstone support from Drachs Investments (~£7m). Proceeds fund the Keyes acquisition, new Rudyard wells, the membrane and working capital.
| Well | Status | Initial test (flow rate, helium grade) |
|---|---|---|
| Darwin #1 | Producing | 2,750 Mcf/d, 1.1% |
| Linda #1 | Producing | 3,850 Mcf/d, 1.2% |
| Weil #1 | Producing | 2,300 Mcf/d, 1.0% |
| Inez #1 | Under evaluation | N/A |
| Ollie #1 | Drilled Oct 2026; awaiting flow test | Peak mudlog 4,800 ppm (not a flow result) |
| Ross #1 | Drilling (spudded 23 Oct 2026) | N/A |
Helium Reserves (Mcf)
| Proved | Proved & Probable | Proved, Probable & Possible | ||||
|---|---|---|---|---|---|---|
| Reservoir | Gross | Net | Gross | Net | Gross | Net |
| Souris and Red River | 165,300 | 142,200 | 241,500 | 207,800 | 355,300 | 305,700 |
Helium Contingent Resources (Mcf)
| 1C (P90) | 2C (P50) | 3C (P10) | ||||
|---|---|---|---|---|---|---|
| Reservoir | Gross | Net | Gross | Net | Gross | Net |
| Souris River | 59,340 | 51,032 | 132,395 | 113,860 | 295,335 | 253,988 |
| Red River | 70,525 | 60,652 | 147,716 | 127,036 | 305,833 | 263,016 |
| Total | 129,865 | 111,684 | 280,111 | 240,895 | 601,168 | 517,004 |
Helium Prospective Resources (Mcf)
| 1C (P90) | 2C (P50) | 3C (P10) | ||||
|---|---|---|---|---|---|---|
| Reservoir | Gross | Net | Gross | Net | Gross | Net |
| Dry Creek. (risked)1 | 38,510 | 33,119 | 82,063 | 70,574 | 169,445 | 145,722 |
| Dry Creek (unrisked) | 52,754 | 45,368 | 112,415 | 96,677 | 232,116 | 199,620 |