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Helix Exploration PLC released its unaudited Interim Report for the six months ended 31 March 2026, reporting the commencement of helium production in February 2026. Post-period end, in May 2026, Helix secured its first helium sales arrangement with an industrial gases group. Additionally, in June 2026, Helix agreed to acquire 100% of Treasure State Drilling LLC for total consideration of US$600,000, to be satisfied entirely in new ordinary shares.
| Date | 30 Jun 2026 |
| Time | 07:00:05 |
| Category | Results |
| ID | 2638K |
30 June 2026
Helix Exploration PLC
("Helix Exploration", "Helix" or the "Company")
Half-Year Report
Helix Exploration (LSE: HEX), the US based helium producer, is pleased to announce its unaudited Interim Report for the six months ended 31 March 2026 ("Interim Report").
Highlights:
· Transitioned from explorer to producer - commenced helium production at the Rudyard Project in February 2026, becoming the first helium producer in Montana and establishing operational production and a route to market.
· Advanced field development activities - including continued testing of the Inez well, assessment of Rudyard's longer-term hydrogen potential, and expansion of operational infrastructure.
· Strengthened logistics capability - leased first dedicated high-pressure jumbo tube trailer, with plans to add further transport assets as production scales.
Post period end:
· Secured first helium sales arrangement - agreed spot supply arrangement in May 2026 with an industrial gases group, establishing route to first contracted sales at pricing materially above pre-IPO assumptions.
· Enhanced drilling control and future expansion capability - low-cost, strategic conditional acquisition in June 2026 of the Cardwell KB-150 rig, reducing future drilling costs, eliminating contractor dependence, and providing greater certainty over drilling schedules and production growth.
Keith Spickelmier, Non-Executive Chairman, said:
"In the first half of the financial year, Helix transitioned from explorer to producer. As one of the very few, low-cost helium producers in the United States, with production established, a route to market opened, and control of our own expansion drilling secured, the Company is exceptionally well placed to capitalise on market conditions and convert its position into sustainable cash flow and lasting value."
CEO's Statement
I am pleased to present the Company's unaudited interim results for the six months ended 31 March 2026. The period saw Helix achieve its primary objective that it has been working towards since admission to AIM two years ago: commencing helium production in Montana and becoming the first helium producer in the state. With that step, Helix has moved from explorer to producer, with established operations and a route to market.
Production commenced at Rudyard on 23 February 2026. During the period, the Company also advanced testing of the Inez well, continued to assess the field's longer-term hydrogen potential, and leased its first dedicated helium transport asset, a high-pressure jumbo tube trailer, the first of several the Company expects to add as production builds.
Progress has continued since the period end. In May 2026 the Company agreed its first helium sales arrangement, a short-term spot supply agreement with a major industrial gases group and its first contracted route to market. The pricing, reflecting prevailing spot rates, was materially ahead of the assumptions underlying the Company's pre-IPO model.
In June 2026 the Company took an important strategic step, agreeing to acquire Treasure State Drilling LLC ("TSD") for US$600,000, to be satisfied entirely in new ordinary shares and at a 37% discount to an independent appraisal of TSD's value. The acquisition brings in-house the Cardwell KB-150 rig that has drilled all four of our existing Rudyard wells and which remains on site. By owning the rig outright, Helix removes day rates, mobilisation and demobilisation charges from future drilling and, more importantly, gains direct control over rig access, scheduling and equipment availability in a region where it is presently the only drilling unit of its kind. That control gives the Board far greater certainty over the timing and cost of future drilling campaigns and underpins our ability to expand production at Rudyard on our own terms in the near term. The rig may, in time, also be made available to regional operators on a contract basis, offering a potential additional source of revenue.
Helix today stands in its strongest position to date: in production, on the cusp of generating sales at attractive prices, better capitalised, and now in direct control of its own development drilling. We are positioned at a truly unique juncture in the helium landscape. Global supply remains structurally constrained and concentrated in a small number of ageing and geopolitically exposed sources, while demand from semiconductors, medical imaging, aerospace and other high-value applications continues to prove resilient. New, reliable, domestic supply is scarce, and the window for well-positioned producers to establish themselves is a narrow one. As one of very few near-term, low-cost helium producers in the United States, with production established, a route to market opened and control of its drilling secured, the Company is exceptionally well placed to capitalise on these conditions and to convert its position into sustainable cash flow and lasting value for shareholders.
I would like to thank our shareholders, our partners and our teams in the United Kingdom and the United States for their commitment during a defining period for the Company.
Bo Sears
CEO
This announcement contains inside information for the purposes of the UK Market Abuse Regulation, and the Directors of the Company are responsible for the release of this announcement.
Enquiries
Helix Exploration
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Bo Sears |
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Keith Spickelmier |
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Cairn - Nominated Adviser
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Liam Murray |
+44 (0)20 7213 0880 |
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Ludovico Lazzaretti |
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James Western |
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Hannam & Partners - Broker
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Neil Passmore |
+44 (0)20 7907 8502 |
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Leif Powis |
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Vigo Consulting - IR / PR
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Ben Simons |
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Patrick d'Ancona |
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HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME - FOR THE PERIOD ENDED 31 MARCH 2026
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Unaudited |
Unaudited |
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Note |
£'000 |
£'000 |
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Continuing Operations |
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Revenue from continuing operations |
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- |
- |
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Operational expenses |
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(150) |
- |
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Administrative expenses |
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(630) |
(517) |
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Operating loss |
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(780) |
(517) |
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Finance income |
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6 |
- |
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6 |
- |
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|
|
|
|
Loss before taxation |
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(774) |
(517) |
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|
|
|
|
|
Taxation on loss on ordinary activities |
|
- |
- |
|
|
|
|
|
|
Loss for the period from continuing operations |
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(774) |
(517) |
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|
|
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|
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Items that may be reclassified to profit or loss |
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|
|
|
Exchange differences on translation of foreign operations |
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(27) |
15 |
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|
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|
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Total comprehensive loss for the period attributable to shareholders from continuing operations |
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(801) |
(502) |
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|
|
|
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Basic & dilutive earnings per share - pence |
6 |
(0.42) |
(3.84) |
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION - AS AT 31 MARCH 2026
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|
Unaudited As at 31 March 2026 |
Unaudited As at 31 March 2025 |
Audited As at 30 September 2025 |
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Note |
£'000 |
£'000 |
£'000 |
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|
|
|
|
|
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NON - CURRENT ASSETS |
|
|
|
|
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Intangible asset |
7 |
10,266 |
8,980 |
9,819 |
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Property, plant and equipment |
8 |
5,537 |
467 |
3,687 |
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TOTAL NON - CURRENT ASSETS |
|
15,803 |
9,447 |
13,506 |
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|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
1,754 |
3,333 |
2,734 |
|
Trade and other receivables |
|
661 |
106 |
537 |
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TOTAL CURRENT ASSETS |
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2,415 |
3,439 |
3,271 |
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TOTAL ASSETS |
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18,218 |
12,886 |
16,777 |
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NON-CURRENT LIABILITIES |
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Provisions |
|
306 |
- |
301 |
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TOTAL NON-CURRENT LIABILITIES |
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306 |
- |
301 |
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CURRENT LIABILITIES |
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|
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Trade and other payables |
|
574 |
102 |
637 |
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TOTAL CURRENT LIABILITIES |
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574 |
102 |
637 |
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TOTAL LIABILITIES |
|
880 |
102 |
938 |
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NET ASSETS |
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17,338 |
12,784 |
15,839 |
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|
|
|
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EQUITY |
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|
|
|
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Share capital |
9 |
1,955 |
1,570 |
1,863 |
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Share premium |
9 |
19,075 |
12,976 |
17,054 |
|
Share based payments reserve |
10 |
1,113 |
912 |
926 |
|
Foreign exchange reserve |
|
(2) |
8 |
25 |
|
Retained earnings |
|
(4,803) |
(2,682) |
(4,029) |
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TOTAL EQUITY |
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17,338 |
12,784 |
15,839 |
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY - AS AT 31 MARCH 2026
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Share capital |
Share premium |
Share based payments reserve |
Foreign exchange reserve |
Retained earnings |
Total equity |
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|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Balance at 31 March 2025 |
1,570 |
12,976 |
912 |
8 |
(2,682) |
12,784 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for period |
- |
- |
- |
- |
(1,347) |
(1,347) |
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Other comprehensive income |
- |
- |
- |
17 |
- |
17 |
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Total comprehensive loss for period |
- |
- |
- |
17 |
(1,347) |
(1,330) |
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|
|
|
|
|
|
|
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Transactions with owners in own capacity |
|
|
|
|
|
|
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Ordinary Shares issued in the year |
281 |
4,219 |
- |
- |
- |
4,500 |
|
Exercise of warrants |
12 |
110 |
- |
- |
- |
122 |
|
Share issue costs |
- |
(251) |
- |
- |
- |
(251) |
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Employee options issued |
- |
- |
183 |
- |
- |
183 |
|
Employee options cancelled |
- |
- |
(169) |
- |
- |
(169) |
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Transactions with owners in own capacity |
293 |
4,078 |
14 |
- |
- |
4,385 |
|
Balance at 30 September 2025 |
1,863 |
17,054 |
926 |
25 |
(4,029) |
15,839 |
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|
|
|
|
|
|
|
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Loss for period |
- |
- |
- |
- |
(774) |
(774) |
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Other comprehensive income |
- |
- |
- |
(27) |
- |
(27) |
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Total comprehensive loss for period |
- |
- |
- |
(27) |
(774) |
(801) |
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|
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Transactions with owners in own capacity |
|
|
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|
|
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Ordinary Shares issued in the year |
89 |
2,126 |
- |
- |
- |
2,215 |
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Exercise of warrants |
3 |
30 |
- |
- |
- |
33 |
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Share issue costs |
- |
(135) |
- |
- |
- |
(135) |
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Employee options charge release |
- |
- |
187 |
- |
- |
187 |
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Transactions with owners in own capacity |
92 |
2,021 |
187 |
- |
- |
2,300 |
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Balance at 31 March 2026 |
1,955 |
19,075 |
1,113 |
(2) |
(4,803) |
17,338 |
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASHFLOWS - FOR THE PERIOD ENDED 31 MARCH 2026
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|
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Unaudited |
Unaudited |
|
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Note |
£'000 |
£'000 |
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Cash flow from operating activities |
|
|
|
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Loss for the financial period |
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(774) |
(517) |
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Adjustments for: |
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Share based payments |
10 |
187 |
25 |
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Depreciation & amortisation |
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77 |
- |
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Unwinding of provision discount |
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6 |
- |
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Settlement of shares through equity |
9 |
15 |
10 |
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Foreign exchange movements |
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(236) |
(95) |
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Cash generated from operations |
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(725) |
(577) |
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|
|
|
|
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(Increase) in trade and other receivables |
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(117) |
(2) |
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(Decrease) in trade and other payables |
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(80) |
(379) |
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Net cashflow from operating activities |
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(922) |
(958) |
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|
|
|
|
|
Cash flows from investing activities |
|
|
|
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Investment in intangible assets (exploration assets) |
7 |
(317) |
(4,793) |
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Investment in property, plant and equipment |
8 |
(1,846) |
(467) |
|
Net cashflow from investing activities |
|
(2,163) |
(5,260) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from issue of shares |
9 |
2,200 |
5,000 |
|
Proceeds from exercise of warrants |
9 |
33 |
|
|
Share issue costs |
|
(135) |
(434) |
|
Net cash flow from financing activities |
|
2,098 |
4,566 |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
(987) |
(1,652) |
|
Cash and cash equivalents at beginning of the period |
|
2,734 |
4,960 |
|
Foreign exchange effect on cash balance |
|
7 |
25 |
|
Cash and cash equivalents at end of the period |
|
1,754 |
3,333 |
The notes form part of the unaudited consolidated interim financial statements
HELIX EXPLORATION PLC - COMPANY NUMBER 15160134
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
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. During the period the Group announced first production of Helium Gas and is now looking to revenue generation through entering into its first offtake arrangement in May 2026.
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.
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 2026 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 2026. Accordingly, the comparative figures presented are for the six-month period ended 31 March 2025.
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.
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 successfully completed a fundraise just prior to period end allowing it sufficient liquidity whilst it negotiates offtake opportunities. With the Group on the verge of revenue generation it will be looking to reduce its reliance on equity fundraising as it transitions to a new stage in its development cycle. On the back of this the Directors have reasonable assurance to adopt the going concern assumption in relation to the Group.
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 2025.
|
|
Period ended 31 March 2026 |
Period ended 31 March 2025 |
|
Loss attributable to shareholders of Group - £'000 |
(774) |
(517) |
|
Weighted number of ordinary shares in issue |
185,882,791 |
134,764,505 |
|
Basic & dilutive earnings per share from continuing operations - pence |
(0.42) |
(3.84) |
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.
Group
|
|
£'000s |
|
Opening balance - incorporation |
- |
|
Balance - 31 March 2025 |
8,980 |
|
Additions: |
|
|
Additions |
740 |
|
Foreign exchange movements |
13 |
|
Development and production asset |
294 |
|
Impairment loss |
(208) |
|
As at 30 September 2025 |
9,819 |
|
Additions: |
|
|
Additions |
317 |
|
Depreciation on D&P asset |
(2) |
|
Foreign exchange movements |
132 |
|
As at 31 March 2026 |
10,266 |
|
Cost |
Buildings |
Gathering System |
Land |
PSA Plant |
Total |
|
As at 31 March 2025 |
- |
- |
- |
467 |
467 |
|
|
|
|
|
|
|
|
Additions |
238 |
2,870 |
4 |
108 |
3,220 |
|
Foreign exchange movements |
- |
- |
- |
- |
- |
|
As at 30 September 2025 |
238 |
2,870 |
4 |
575 |
3,687 |
|
|
|
|
|
|
|
|
Additions |
11 |
764 |
71 |
1,000 |
1,846 |
|
Foreign exchange movements |
4 |
51 |
- |
23 |
78 |
|
As at 31 March 2026 |
253 |
3,684 |
75 |
1,598 |
5,611 |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
As at 31 March 2025 |
- |
- |
- |
- |
- |
|
Charge for the period |
- |
- |
- |
- |
- |
|
As at 30 September 2025 |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Charge for the period |
(2) |
(60) |
- |
(12) |
(74) |
|
As at 31 March 2026 |
(2) |
(60) |
- |
(12) |
(74) |
|
|
|
|
|
|
|
|
Book value - 30 September 2025 |
238 |
3,684 |
75 |
575 |
3,687 |
|
Book value - 31 March 2025 |
- |
- |
- |
467 |
467 |
|
Book value - 31 March 2026 |
251 |
3,625 |
75 |
1,586 |
5,537 |
As the Group achieved first production of Helium gas on 23 February 2026 this has been deemed as the date that fixed assets are available for use and consequently assets have begun depreciation from this date.
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|
Ordinary Shares |
Share Capital |
Share Premium |
Total |
|
|
# |
£'000 |
£'000 |
£'000 |
|
At 31 March 2025 |
156,970,000 |
1,570 |
12,976 |
14,546 |
|
Issue of Ordinary Shares |
28,125,000 |
281 |
4,219 |
4,500 |
|
Exercise of warrants |
1,222,400 |
12 |
110 |
122 |
|
Share issues costs |
- |
- |
(251) |
(251) |
|
At 30 September 2025 |
186,317,400 |
1,863 |
17,054 |
18,917 |
|
Issue of Ordinary shares1 |
8,860,000 |
89 |
2,126 |
2,215 |
|
Exercise of warrants |
325,000 |
3 |
30 |
33 |
|
Share issue costs |
- |
- |
(135) |
(135) |
|
At 31 March 2026 |
195,502,400 |
1,955 |
19,075 |
21,030 |
1On 3 March 2026, the Company issued 8,860,000 ordinary shares of £0.01 at a subscription price of £0.25.
|
|
Group £'000 |
Company £'000 |
|
As at 31 March 2025 |
912 |
912 |
|
Employee options cancelled |
(169) |
(169) |
|
Employee options release1 |
24 |
24 |
|
Employee options issued |
159 |
159 |
|
As at 30 September 2025 |
926 |
926 |
|
Employee options release1 |
187 |
187 |
|
As at 31 March 2026 |
1,113 |
1,113 |
1SBP charge relates to portion of employee options released on a pro-rata basis over the vesting period of the options
Directors remuneration in the period
Remuneration paid to the Directors in the period as it relates to their service contracts is listed below:
|
|
Salary (UK) £'000 |
Salary (US) £'000 |
Shares £'000 |
Total £'000 |
|
Bo Moore Sears Jr |
12 |
96 |
- |
108 |
|
Ryan Paul Neates |
23 |
- |
- |
23 |
|
Keith Spickelmier |
12 |
- |
- |
12 |
|
Gregg Peters |
46 |
- |
- |
46 |
|
|
93 |
96 |
- |
189 |
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 £45,000 for accounting services of which £10,120 was owed at period end.
Management agreement - Hereford Resources, LLC
Pursuant to the Management Services Agreement ("MSA") with its wholly owned subsidiary, Hereford Resources, LLC, Helix agreed to provide management services to assist operations of the business. In the period the Company invoiced an amount of £53,326 to Hereford Resources, LLC of which there was nothing outstanding at period end.
Intra-Group Loan - Hereford Resources, LLC
Pursuant to the Intra-Group Loan Agreement with Hereford Resources, LLC to provide capital to fund operations. During the period there was interest charged amounting to £546,885 to Hereford of which there was nothing outstanding at period end.
Other than these there were no other related party transactions.
As at 31 March 2026, there was no ultimate controlling party of the Group.
Chimaera Fund and US Air Force Partnership - 20 April 2026
On 20 April 2026 Helix announced that it has been selected by Renaissance Philanthropy's Chimaera Fund to participate in the Air Force Geologic Hydrogen Energy Resilience Initiative, a demonstration programme assessing whether geologic hydrogen can strengthen energy resilience at critical Air Force Bases.
First Offtake Arrangement - 20 May 2026
On 20 May 2026 Helix entered into its first offtake arrangement for production supply at the Rudyard field. The arrangement is a short-term spot sales arrangement with a major industrial gases group to take 100 per cent of the helium volumes available from Rudyard.
Agreement to acquire Treasure State Drilling LLC - 8 June 2026
On 8 June 2026 Helix announced that it had entered into a purchase and sale agreement to acquire 100 per cent of the membership interests of Treasure State Drilling LLC ("TSD"), a Montana-based drilling company, for total consideration of US$600,000, to be satisfied entirely by the issuance of new ordinary shares of 1 pence each ("Ordinary Shares") in Helix.
The interim financial statements were approved by the board of directors on 29 June 2026.
Caution Regarding Forward-Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.