REG – Helix Exploration – Completion of Acquisition of Keyes Helium Complex

Helix Closes $11 Million Keyes Complex Deal, Moves Into Liquefaction

Helix Exploration has completed its acquisition of the Keyes helium complex in Oklahoma, the London-listed producer said on 13 July, paying US$11 million for a purification and liquefaction facility that brings midstream capacity in-house.

The deal, first announced under conditional terms on 2 July, marks a shift for Helix from upstream production into integrated operations. The company now controls both wellhead output and liquefaction infrastructure, a vertical structure held by few operators in the U.S. helium market.

Chief executive Bo Sears described the closure as “a defining milestone” and said the complex was acquired “at a substantial discount to replacement cost.” He added that the facility is “cash-generative” and carries “significant expansion potential.”

Liquefaction assets have become scarce. Only a handful of such facilities operate across the United States, and permitting and construction timelines for new plants have lengthened. Helix positioned the Keyes complex as infrastructure that “would be exceptionally difficult to replicate today.”

The strategic rationale centers on margin capture. By owning both production and liquefaction, Helix can retain value from wellhead to liquid delivery rather than tolling crude helium through third-party midstream operators. That model contrasts with most small-scale producers, who sell feedstock or rely on offtake partners for purification and sale.

Sears said the acquisition positions Helix “as an independent, multi-source US liquefier.” The language suggests the company intends to process helium not only from its own wells but potentially from external suppliers, though no third-party supply agreements were disclosed in the announcement.

The Keyes complex is located in Oklahoma, a state with established helium infrastructure and pipeline connectivity. No production volumes, throughput capacity or purity grades for the facility were provided in the release.

Helix trades on AIM under the ticker HEX and on the OTCQB as HEXFF. The company described itself as spanning “the helium value chain from production through to liquefaction” following the transaction.

No financing details or debt arrangements tied to the $11 million consideration were disclosed. The announcement did not specify whether the purchase was funded from existing cash, equity or borrowing.

Cairn acted as nominated adviser. Hannam & Partners served as broker. Vigo Consulting handled financial public relations.

The deal closes amid tightening global helium supply and rising interest in North American sources as geopolitical risks around imports from Qatar and Russia persist. Domestic liquefaction capacity remains a bottleneck for U.S. producers seeking to serve spot and contract markets directly.