Helicon wave heated plasmas are much more efficient in terms of ionization per unit power consumed. A permanent magnet based compact helicon wave heated plasma source is developed in the Institute for Plasma Research, after carefully optimizing the geometry, the frequency of the RF power, and the magnetic field conditions. The HELicon Experiment for Negative ion-I source is the single driver helicon plasma source that is being studied for the development of a large sized, multi-driver negative hydrogen ion source. In this paper, the details about the single driver machine and the results from the characterization of the device are presented. A parametric study at different pressures and magnetic field values using a 13.56 MHz RF source has been carried out in argon plasma, as an initial step towards source characterization. A theoretical model is also presented for the particle and power balance in the plasma. The ambipolar diffusion process taking place in a magnetized helicon plasma is also discussed.