Helix Exploration (HEX) H1 2024 earnings summary

Executive summary

• Maiden interim results cover the period from incorporation (23 September 2023) to 31 March 2024, prior to AIM listing.

• Strategic focus on early production at Ingomar Project, with drilling targeted for Q3 2024 and first helium production in Q4 2025.

• Acquisition of Rudyard Project adds 484 million cubic feet of contingent helium resources, complementing Ingomar Dome.

• Successful AIM listing in April 2024 raised £7.5 million, providing significant funding runway.

Financial highlights

• Operating loss for the period ended 31 March 2024 was £713,000, with no revenue generated.

• Administrative expenses totaled £107,000, including directors' fees and other costs.

• Cash and cash equivalents at period end were £340,000.

• Net assets as of 31 March 2024 stood at £203,000.

• Share capital and premium totaled £916,000 following share issues during the period.

Outlook and guidance

• Drilling at Ingomar Dome and Rudyard Project scheduled for Q3 2024, with flow tests and updated economic models to follow.

• Targeting first gas flow before the end of 2025.

• Anticipates a busy period of growth and regular updates to shareholders as projects progress.