Helix Exploration (HEX) H1 2025 earnings summary

Executive summary

• Achieved commercial discovery at Rudyard with Darwin #1 well, exceeding expectations and supporting rapid development.

• Acquired Xebec PSA processing plant and increased helium resource estimate by over 30%, supporting a robust economic assessment.

• Raised £5m in January 2025 and secured additional £4.5m post-period, strengthening cash position for expansion.

• Dual listing on OTCQB Venture Market in the U.S. to broaden investor base and liquidity.

• Transitioning from explorer to producer with near-term production and scalable growth potential.

Financial highlights

• Reported operating loss of £517k for the six months ended 31 March 2025, improved from £713k loss year-over-year.

• Total comprehensive loss for the period was £502k, compared to £713k in the prior year.

• Basic and diluted loss per share was 3.84 pence, improved from 4.66 pence year-over-year.

• Cash and cash equivalents at period end were £3.33m, down from £4.96m at the start of the period.

• Raised £5m through share issuance in January 2025, with net proceeds of £4.57m after costs.

Outlook and guidance

• Drilling of 4th and 5th production wells to commence imminently, targeting pre-tax cashflow of $20m per year.

• Ongoing commercial discussions for offtake agreements to deliver helium to U.S. end users and distributors.

• Manufacturing of a membrane unit completed, enabling early monetisation and scalable growth.

• Strong cash position and supportive shareholders position the company for continued rapid development.