Mendell Helium (LON: MDH), the helium production company with operations in Kansas, announces that, in accordance with his share-based remuneration arrangements announced on 23 June 2025, Nick Tulloch, Chief Executive Officer, will receive 562,500 new Ordinary Shares (“New Shares”), as payment in lieu of £22,500 of accrued remuneration for the period from 1 April 2026 to 30 June 2026. Mr Tulloch will receive a further 1,500,000 new Ordinary Shares (“New Shares”), as payment of a £60,000 bonus following admission of the Company’s ordinary shares to trading on AIM in June 2026. The New Shares will be issued at a price of 4.0 pence per share, being a price equal to the issue price of the Company’s fundraising announced on 30 April 2026.
Following this issuance, the total number of Ordinary Shares that will be held following Admission by Nick Tulloch, a Person Discharging Managerial Responsibility (“PDMR”), is as follows:
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Name |
New Ordinary Shares to be issued |
Total Ordinary Shares held in the Company following Admission |
Percentage of the Company’s enlarged issued ordinary share capital following Admission |
|
Nick Tulloch |
2,062,500 |
8,386,4831 |
2.43% |
1Including shares held by his spouse and Fetlar Capital Ltd, a company controlled by Nick Tulloch and his spouse.
Additional Issue of Equity
The Company has agreed to issue and allot 1,087,500 new Ordinary Shares (“New Shares”) as payment in lieu of approximately £43,500 of accrued fees owed by the Company to professional advisers. The majority of these accrued fees represent investor relations support in the period from 2024 through to 2027. These New Shares will be issued at the same price of 4.0 pence per share, being a price equal to the issue price of the Company’s fundraising announced on 30 April 2026.
Admission
Application will be made for the 3,150,000 new Ordinary Shares to be admitted to trading on AIM (“Admission”). Admission is expected to occur at 8:00 am on or around 27 August 2026. The New Shares will rank pari passu with the existing ordinary shares.
Total Voting Rights
Following Admission, the Company’s enlarged share capital will comprise 345,036,938 ordinary shares of 1 pence each. Therefore, the total number of voting rights in the Company will be 345,036,938. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
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.
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
Enquiries:
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Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor website
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Mendell Helium plc Nick Tulloch, CEO
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Via our website investors@mendellhelium.com |
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Cairn Financial Advisers LLP (Nominated Adviser) Ludovico Lazzaretti / Liam Murray
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Tel: +44 (0) 20 7213 0880 |
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SI Capital Limited (Broker) Nick Emerson
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Tel: +44 (0) 1483 413500 |
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Fortified Securities Guy Wheatley
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Tel: +44 (0) 203 4117773
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Tel: +44 (0) 20 3973 3678 |
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AlbR Capital Limited Gavin Burnell / Colin Rowbury / Jon Belliss
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Tel: +44 (0) 207 4690930
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Brand Communications (Public & Investor Relations) Alan Green |
Tel: +44 (0) 7976 431608
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Overview of Mendell Helium
Mendell Helium is a helium producer in Kansas, USA where it operates through its wholly owned subsidiary M3 Helium.
M3 Helium’s flagship well, Rost 1-26, is in Fort Dodge, just to the east of Dodge City, Kansas. It has been tested as containing 5.1% helium composition and a drill stem test yielded a maximum flow rate of approximately 2,900 Mcf per day. Water removed from Rost 1-26 is delivered to Brobee, a nearby disposal well that has been permitted at 10,000 barrels of water per day at 1,200 psi. Production at Rost 1-26 commenced in early November 2025 and the most recently recorded flow rate in December 2025 was 250 Mcf per day equating to approximately $1.4 million of helium per year (at $300/Mcf helium).
M3 Helium has subsequently drilled and completed a second well, Rost 2-26, which is currently being de-watered. It also owns additional leases in the Fort Dodge area capable of supporting up to eight new production wells. It has also agreed a joint venture with Ritchie Exploration, Inc. to recomplete the Schneweis Ventures 13A, a well with a drill stem test of over 10,000 Mcf per day and a historic flow rate of 300 Mcf per day.
At the Rost wells in Fort Dodge, M3 Helium treats the raw gas on site to concentrate the helium and has leased two tube trailers which it uses for deliveries to its offtaker.
M3 Helium also has interests in five producing wells (Peyton, Smith, Nilson, Bearman and Dimmitt) within the Hugoton gas field in South-Western Kansas, one of the largest natural gas fields in North America. Significantly these wells are in the proximity of a gathering network and the Jayhawk gas processing plant meaning that producing wells are all tied into the infrastructure.