The Montana Board of Oil and Gas Conservation (MBOGC) has instructed Helix Exploration PLC to stop production at its Rudyard helium facility in Montana. The regulator said the company's processes for handling associated gas are undefined, as Helix is the state's first helium producer.
Helix confirmed it has complied with the pause and is working with the MBOGC to secure the necessary permits to resume sales. The company noted that tolling of helium through its Keyes liquefaction facility in Oklahoma continues without interruption.
A hearing with the MBOGC is scheduled for Oct. 15 to address the outstanding issues. Meanwhile, Helix plans to spud the Ollie #1 well targeting the northern dome in the week beginning Monday, with the drilling campaign slated for completion by Oct. 31.
At the Inez #1 well in the Lower Souris and Red River formation, Helix reported helium concentrations of 1.2% and an absolute open flow rate of 1,157 Mcf/d. The company also completed three tube‑trailer sales to an industrial gases customer under a short‑term spot sales arrangement, extending the arrangement through September.
Helix's shares closed at £24.50, down 2.50 pounds or 9.26%, reflecting investor concerns over the regulatory pause.
