Mendell Helium is pleased to announce an update on M3 Helium Corporation’s (“M3 Helium”) ongoing drilling of the new twin well to the existing Rost 1-26 well (“Rost”) in Fort Dodge, Kansas. The Company also provides an update on the timing of its proposed move to AIM.

Highlights

As announced on 27 June 2024, the Company has an option (the “Option”) to acquire M3 Helium, a producer of helium which is based in Kansas and holds an interest in six producing wells. There is no certainty that the Company’s option to acquire M3 Helium will be exercised, nor that the enlarged group will successfully complete a re-admission. The Company and M3 Helium have agreed to extend the date on which the Option should be exercised to 30 April 2026.

Rost Twin

M3 Helium commenced preparations for the Rost Twin in the week of 16 March 2026 with drilling starting the following week.  The first seven days of drilling operations has proceeded smoothly with the well now at 4,540 feet with a targeted terminal depth of approximately 5,600 feet.

The Rost Twin is being completed with larger 7 inch casing which is expected to enable greater water removal and which in turn is expected to increase gas production.

In the final stages of drilling, M3 Helium will use a mass spectrometer to detect helium shows in the different formations of the Rost Twin.  Similar to Rost, the primary target is the helium-rich Morrow sands but account will also be taken of formations above, and potentially below, in determining the extent of perforations for future production.

M3 Helium is also finalising designs for the upgrade of the Brobee salt water disposal well (“Brobee”) to access the deeper Arbuckle formation.  This is expected to considerably enhance Brobee’s water disposal capacity – above its current permitted level of 5,000 barrels per day. The 30 day permitting process for the upgrade will shortly be initiated but Brobee can continue to operate at its present capacity during that period.

Schneweis

Further to the announcement on 25 March 2026, preparations are underway with Ritchie for the re-completion of Schneweis.  This development will also require a salt water disposal well into the Arbuckle formation and Ritchie and M3 Helium are expecting operations to commence in May 2026.

Update on proposed move to AIM and completion of acquisition of M3 Helium

The rapid acceleration of M3 Helium’s progress, including the Rost Twin and the partnership with Ritchie, has added further workstreams to the forthcoming AIM documentation and, recognising that, Mendell Helium is now targeting publication of its AIM admission document during April 2026.  As previously announced, following publication of the AIM admission document, the Company will hold a general meeting (the notice period for which is 14 clear days) and accordingly admission to trading on AIM remains targeted for late April 2026. Mendell Helium will make further announcements in due course.

Also as previously announced, the Company intends to exercise the Option to acquire M3 Helium on the date of admission to trading on AIM.

Nick Tulloch, Chief Executive Officer of Mendell Helium and Chairman of M3 Helium, said: “The developments across M3 Helium’s business are gaining pace and, in particular, the speed at which the Rost Twin is being drilled adds considerable confidence to the proposed Fort Dodge field development plan. 

“Needless to say, we acknowledge that our move to AIM has taken longer than originally hoped but, conversely, the growth in M3 Helium’s Kansas operations has not only exceeded our expectations but also remains the priority, particularly in light of the ongoing and potentially severe disruptions in global helium market.  It is still too early to predict exactly how helium pricing will change as a result of the conflict in the Middle East but what is apparent is that it has exposed some fragility in both international and national helium supply chains.  There will be an advantage to helium producers over the coming months in partnering with leading gas processors and we are determined to position M3 Helium prominently in the market.

“I can assure all of our investors that admission to trading on AIM is a very near term target for Mendell Helium and, alongside that, we are working to ensure that the Company continues to punch above its weight as we deal with much larger counterparties in the helium market.”

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

ENDS

Engage with the Mendell Helium management team directly by asking questions, watching video
summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor
website here: https://mendellhelium.com/link/PKa6Ve

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Mendell Helium plc

Nick Tulloch, CEO

 

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