Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2025drilling progress report▲ Good
Workover at Bubba State 3, on the Wiepking-Fullerton option assets, is complete. The Keyes formation flowed naturally and is shut in with strong pressure build-up, awaiting testing next week. The rig moves to Big Wampum 4. The option decision remains pending.
1 Apr 2025flow test result▲ Good
Jackson 4 is flowing naturally at about 190 Mcfd, with projected constrained rates of 250-350 Mcfd (max 450). Helium is up to 1.18% with 85.93% CO2, which the company says was expected for this southern well. It resolves the pending lab results and supports CO2 feed.
31 Mar 2025other● Neutral
Corporate governance statement, board-approved 28 March 2025, setting out how the company follows ASX governance recommendations. Administrative disclosure with no new operational or financial information.
31 Mar 2025other● Neutral
Appendix 4G, a checklist pointing to where governance disclosures sit, lodged with the annual report. Administrative only, no new substance.
31 Mar 2025drilling spud● Neutral
Jackson 29, the third well of the Galactica campaign, has spudded and is preparing to drill the intermediate section. Jackson 4 results are still pending. No results yet.
31 Mar 2025annual report● Neutral
Annual report for the year to 31 December 2024. The chairman calls 2024 transformational, citing the State 16 helium discovery, the Serenity CO2 addition and the completed Helium One 50% farm-in (US$1.5m plus six wells funded). Financial statements were not in the excerpt.
24 Mar 2025drilling result▲ GoodMajor
Jackson 4 reached total depth at 1,260 feet with 62 feet of gas-saturated Lyons Sandstone, no water, and natural flow like Jackson 31. Lab helium results are pending. The rig moves to Jackson 29, the third well.
19 Mar 2025well test result▲ GoodMajor
Ma State 16, on the WFE option assets, held a constrained 2,500 Mcfd with only 60 psi drawdown, and a modelled open flow of 33,000 Mcfd. Helium was 1.32-1.36%. Bubba State 3 is next, and the option decision is still pending.
18 Mar 2025drilling progress report● Neutral
Jackson 4's intermediate section was drilled to about 1,123 feet and casing is being cemented. Next is drilling into the Lyons target. No results yet.
14 Mar 2025flow test result▲ GoodMajor
Jackson 31 is flowing naturally at about 250 Mcfd, with projected stabilised rates of 300-400 Mscfd and a 500 Mscfd maximum. Early helium is up to 2.2% air-corrected; Blue Star expects 2.3-2.5% in the reservoir, which is an estimate. Beats State 16's 250-350.
6 Mar 2025well test result▲ GoodMajor
New wellhead samples at State 16 show helium of 2.17%, up from the 1.65% reported in June 2024 (1.90% air-corrected). Wellhead pressure was 10 psig. Blue Star attributes this to reservoir equilibration and says it could apply to other historic wells.
5 Mar 2025drilling spud● Neutral
Jackson 4, the second well of the Galactica campaign, has spudded and is preparing to drill the intermediate section. No results yet. State 16 remains shut in awaiting tie-in.
3 Mar 2025drilling result▲ GoodMajor
Jackson 31 reached total depth at 1,210 feet, with 57 feet of gas-saturated Lyons Sandstone, no water, and natural flow. Helium and CO2 lab results are pending. The rig moves to Jackson 4. First campaign well confirms gas.
26 Feb 2025drilling progress report● Neutral
Jackson 31's intermediate section was drilled to about 1,080 feet and casing is being cemented. Next is drilling into the Lyons target. No results yet.
19 Feb 2025drilling spud▲ GoodMajor
Jackson 31 spudded, the first well of the Galactica development campaign, after weather delays. It targets the Lyons formation, and Helium One funds the first US$450,000. No results yet.
12 Feb 2025drilling progress report● Neutral
The rig has reached Jackson 31 and is rigging up, with drilling to start shortly. This follows the weather delays flagged on 29 January and no results yet.
11 Feb 2025drilling progress report● Neutral
Well testing has begun on the WFE option assets in Lincoln County, starting with Ma State 16 and Bubba State 3. Results will guide whether Blue Star exercises the option. No results yet; historic helium was 1.36-2.02%.
29 Jan 2025drilling progress report▼ Bad
Winter weather has pushed rig mobilisation to the week of 10 February, after earlier talk of spudding in late January. Roads are being gravelled for access. Work continues on permitting and engineering for the Pinon Canyon plant, with first gas still targeted for 1H 2025.
15 Jan 2025drilling progress report● Neutral
Site works at Jackson 31 and Jackson 04 are complete and casing is on site. The rig is expected to mobilise to Jackson 31 next week, with spud immediately after rig-up. No results yet.
23 Dec 2024drilling progress report● Neutral
Site works have begun at Jackson 31, with drilling due mid-January 2025 followed by Jackson 04. Three more approved wells are scheduled for this campaign. No drilling results yet.
23 Dec 2024listing compliance notice● Neutral
ASX lifted the trading suspension immediately after Blue Star released its acquisition-option announcement. Trading resumes; no new information.
23 Dec 2024asset acquisition disposition▲ GoodMajor
Blue Star took an option to buy helium assets in Lincoln and Cheyenne Counties, Colorado, about 100 miles north of its Las Animas projects, or the full portfolio including oil and gas. Funding via debt or JV partners is being evaluated; entry cost is staged via well testing. This explains the suspension.
18 Dec 2024listing compliance notice● NeutralMajor
At Blue Star's request, trading was suspended pending an update on an acquisition. A trading halt was requested on 16 December, and the suspension was to end by 27 December at the latest.
13 Dec 2024drilling progress report▼ Bad
Wet ground has stopped construction of well sites, so Blue Star is pushing the start of Galactica drilling to mid-January 2025 to avoid Christmas standby costs. It says the H1 2025 production target is unchanged.
15 Nov 2024regulatory community update▲ Good
ECMC granted final drill permits for the five Galactica wells (Form 2). Blue Star now has permits for eight development wells, and drilling is planned this quarter. Follows the OGDP approval of 17 October.
4 Nov 2024farm in farm out completion▲ GoodMajor
The Helium One farm-in is complete: it earns 50% of Galactica/Pegasus for US$1.5m and funding six development wells. Blue Star stays operator. This resolves the August heads of agreement; drilling is expected in Q4 2024 and first production in H1 2025.
30 Oct 2024admin correction● Neutral
Standard s708A notice for 263,778,677 shares issued 30 October 2024, which is Tranche 2 of the placement. Administrative; no new information.
17 Oct 2024regulatory community update▲ GoodMajor
ECMC approved the five-well Galactica/Pegasus OGDP I, satisfying a key condition of the Helium One farm-out. Blue Star can now seek final drill permits (Form 2), with drilling planned for Q4 2024.
19 Sept 2024regulatory community update● Neutral
ECMC moved the hearing on the five-well Galactica/Pegasus OGDP I from 25 September to 16 October 2024 to manage its workload; Blue Star says this is unrelated to the application's merits. Helium One definitive agreements are still being drafted.
16 Sept 2024admin correction● Neutral
Standard s708A notice for 486,221,323 shares issued 16 September 2024, which is Tranche 1 of the A$3.0m placement. Administrative; no new information.
