Darwin #1 uncovered a 236-foot gas column that flowed at 2.75 million cubic feet per day, with a helium concentration of 1.1 per cent - comfortably above the 0.5 per cent threshold considered commercially viable.
The note highlights the company’s rapid progress, stating: 'Helix is on track to be one of the fastest pure-play helium exploration companies to go from IPO in April 2024 to first gas in [the second half of] 2025, compared to peers that have struggled to reach this stage even after two to three years.'.
At an 8 per cent discount rate, this equates to around 75p per share—far above the company’s current 15p share price.
While Rudyard is the immediate focus, Helix has also been advancing its Ingomar Dome Project, another significant helium asset in Montana.
Under the leadership of chief executive Bo Sears and chairman David Minchin, the company has swiftly established the commercial potential of its Montana helium assets.
