Helix Exploration PLC on Friday said it planned to raise £7.5 million through an initial public offering on the AIM market in London.
Helix Exploration is an exploration focused on the commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana.
Helix has identified prospective areas for helium through the conditional acquisition, subject to the admission on AIM, of its wholly owned subsidiary, Hereford Resources LLC.
Hereford holds interests in around 11,277 acres across 52 licenses located in central Montana which has a potential for helium accumulation.
Helix intends to exploit the licences for the purposes of exploration for helium resources.
The Hereford acquisition is expected to be completed on admission to trading on AIM.
Helix is led by its founders, Chief Executive Bo Sears, and Executive Chair David Minchin. The company is proposing Ryan Neates as its chief financial officer after the planned IPO.
Helix is aiming to commence scoping studies and test drilling in 2024, with plant construction and production drilling due to commence and complete in 2025, with a first gas target of the fourth quarter of 2025.
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