Helix Exploration completes drilling on Ollie well in Montana
What happened
Helix Exploration PLC reported that its Ollie #1 well at the Rudyard project in Montana reached a total depth of 6,311 ft in 20 days, finishing ahead of schedule and under budget. The well recorded mudlog helium readings peaking at 4,800 parts per million, which is higher than the previous high of 1,200 ppm at the field. The company is currently seeking a workover rig to perforate and test the well, with mobilization expected by October 31.
Why it matters
The high helium readings provide an encouraging basis for Helix Exploration to proceed with wireline logging and flow testing. The company noted that completing the well under budget and in record time was aided by owning its own drilling equipment, which supports its core operations.
Who's involved
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- HelixSpeculative
The company might see improved cost efficiency in its core operations due to successful drilling completion.
- REX American ResourcesSpeculative
The successful drilling could validate the energy sector, potentially benefiting competitors like REX American Resources.
- MONTANASpeculative
The state of Montana might face regulatory changes if the Montana Board of Oil and Gas Conservation requests a pause.