HELIX EXPLORATION PLC - COMPANY NUMBER 15160134

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDING 31 MARCH 2025

1          General information

Helix Exploration Plc ("the Company") was incorporated on 23 September 2023 in England and Wales with Registered Number 15160134 under the Companies Act 2006.

The address of its registered office and principal place of business is Eccleston Yards, 25 Eccleston Place, London SW1W 9NF, United Kingdom.

The principal activity of the Company and its subsidiaries collectively referred to as "the Group" is the development and exploitation of small-scale gas leases which are held via its 100 per cent. interest in Hereford Resources, LLC ("Hereford") in the United States of America state of Montana. The acquisition of Hereford was completed alongside the admission to AIM on 9 April 2024. 

2          Accounting policies

IAS 8 requires that the directors shall use their judgement in developing and applying accounting policies that result in information which is relevant to the economic decision-making needs of users, that are reliable, free from bias, prudent, complete and represent faithfully the financial position, financial performance and cash flows of the entity.

3          Basis of preparation

The unaudited consolidated interim financial statements ("interim financial statements") have been prepared in accordance with the requirements of the AIM rules and international accounting standards in conformity with the requirements of the companies act 2006 and the companies act 2006 applicable to companies reporting under UK-adopted international accounting standards ("IFRS").

The interim financial statements for the period ended 31 March 2025 have been prepared in accordance with IAS 34 "Interim Financial Reporting". These statements do not include all the information and disclosures required in a complete set of financial statements but have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the UK.

The Group's interim reporting period covers the six months to 31 March 2025. Accordingly, the comparative figures presented are for the six-month period ended 31 March 2024.

The interim financial statements have been prepared using the measurement bases specified by IFRS for each type of asset, liability, income and expense.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and have not been audited.

The interim financial statements are presented in British Pounds sterling (£'000) unless otherwise stated, which is the Company's presentational currency.

The performance of the Company is not affected by seasonal factors.

4          Going concern

The directors have assessed the Group's ability to continue as a going concern and are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has successfully completed a fundraise post period end in June 2025 raising £4.5 million to fund expansion. On the back of this the directors have reasonable assurance to adopt the going concern assumption in relation to the Group.

5          Accounting policies

The same accounting policies, presentation and methods of computation have been followed in these interim financial statements as were applied in the preparation of the Group's  annual financial report for the period ended 30 September 2024. In addition to these the Group has accounted for Property, Plant and equipment for the first time in the period and hence the relevant accounting policy is disclosed below:

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. When the Group acquires any plant and equipment it is stated in the accounts at its cost of acquisition less a provision. Depreciation is charged to write off the costs less estimated residual value of plant and equipment on a straight basis over their estimated useful lives being:

-           Plant and equipment:     5 - 7 years

Depreciation is only processed where property, plant and equipment are "ready to use." Estimated useful lives and residual values are reviewed each year and amended as required.

6          Earnings per Ordinary Share

There is no difference between the diluted loss per share and the basic loss per share presented. Share options and warrants could potentially dilute basic earnings per share in the future but were not included in the calculation of diluted earnings per share as they are anti-dilutive for the period presented.

7          Intangible assets - Exploration & evaluation

Group

8          Property, plant and equipment

9          Share capital & share premium

¹On incorporation on 23 September 2023, the Company issued 5,550,000 ordinary shares of £0.01 at their nominal value of £0.01.

²On 14 December 2023, the Company issued 17,220,000 ordinary shares of £0.01 at a subscription price of £0.05 as seed capital for the Company.

³On IPO on 9 April 2024, the Company issued 99,520,000 ordinary shares of £0.01 at a subscription price of £0.10 to accompany listing on AIM.

⁴On 28 June 2024, the Company issued 600,000 ordinary shares of £0.01 at a subscription price of £0.10 as consideration to consultants on introduction of the Rudyard leases deal.

⁵On 28 June 2024, the Company issued an additional 510,000 ordinary shares of £0.01 at a subscription price of £0.22 as consideration for the acquisition of oil and gas leases in the Rudyard region of Montana.

⁶On 9 August 2024, the Company issued 220,000 ordinary shares of £0.01 at a subscription price of £0.10 as a result of the exercise of 220,000 warrants.

⁷Share issue costs relate to commission on fundraising.

⁸Share issue costs relate to a reasonable percentage of professional fees directly related to the issue of shares at IPO.

⁹On 29 January 2025, the Company issued 33,400,000 ordinary shares of £0.01 at a subscription price of £0.15.

¹⁰Share issue costs relate to directly attributable costs of fundraising.

10         Share based payments reserve

¹SBP charge relates to portion of employee options released on a pro-rata basis over the vesting period of the options

11         Related party transactions

Directors remuneration in the period

Remuneration paid to the Directors in the period as it relates to their service contracts is listed below:

Service Agreements - Orana Corporate LLP

Orana Corporate LLP, of which Director Ryan Neates is an employee, has a service agreement with the Company for the provision of accounting services. In the period, Orana Corporate LLP invoiced £36,720 for accounting services of which £6,120 was owed at period end.

Management agreement - Hereford Resources, LLC

On 10 April 2024, the Company entered into a Management Services Agreement ("MSA") with its wholly owned subsidiary, Hereford Resources, LLC to provide management services to assist operations of the business. In the period the Company invoiced an amount of £72,520 to Hereford Resources, LLC.

Other than these there were no other related party transactions.

12         Ultimate controlling party

As at 31 March 2025, there was no ultimate controlling party of the Group.

13         Events subsequent to period end

Issue of options

On 5 April 2025, the Company issued the following options as per below:

The warrants vest in 3 equal tranches on the grant, first and second anniversary of grant date.

Equity fundraise and placing

On 10 June 2025, Helix completed an equity fundraise raising £4.5 million through the issue of 28,125,000 ordinary shares at a placing price of £0.16.

14         Approval of the financial statements 

The interim financial statements were approved by the board of directors on 19 June 2025.