Helix Exploration (HEX) Trading update summary

Commercial operations and sales update

• Three tube trailer sales completed under a short-term spot sales arrangement, with the agreement extended through September 2026 and discussions ongoing for a potential long-term contract.

• No loss of produceable volumes expected from a regulatory pause requested by the Montana Board of Oil and Gas Conservation regarding associated gas handling; production is anticipated to resume after a hearing scheduled for 15 October 2026.

• Tolling of helium through the Keyes liquefaction facility in Oklahoma continues as planned.

Operational and regulatory developments

• Drilling permit for Ollie #1 well granted, with drilling to commence the week of 7 September 2026 and completion expected by 31 October 2026, targeting the extension of the northern dome.

• Inez #1 well re-entry was hindered by an unexpected obstruction, preventing full access to the target interval, but the well remains productive with high-grade helium previously demonstrated.

• Multiple remedial options for Inez #1 are under consideration, including a potential sidetrack, with minimal impact on cash resources.

Strategic positioning and asset overview

• First mover advantage as Montana’s inaugural helium producer, operating in an evolving regulatory environment.

• Acquisition of the Keyes Helium Complex in Oklahoma enables independent upstream production and liquefaction, supporting expansion and value capture across the supply chain.

• Assets feature low-cost production, established infrastructure, and fully funded expansion potential, underpinning a strategy for sustainable long-term growth.