Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2022drilling progress report▲ Good
Exploratory water wells JXSN#1 and JXSN#2 have started at Galactica/Pegasus, ahead of helium wells planned mid-year. Voyager is fast-tracked after BBB#1's 134 ft, 8.8% helium column. Enterprise 16#1 testing is approved, awaiting a rig; Sammons drilling is expected this quarter.
1 Mar 2022drilling result● NeutralMajor
Enterprise 16#1 reached 1,250 ft and logs show a 13 ft gas column, with a deeper gas-water contact lifting the Enterprise structure's gas column to about 78 ft (from 29 ft). Water inflow stopped testing, so no helium sample yet; a new test procedure is planned in coming weeks.
25 Feb 2022farm in farm out completion▲ GoodMajor
The regulator approved Vecta's Sammons Ranch plan covering four wells. This satisfied the last condition precedent to forming the Serenity area partnership (Blue Star 50%). The final drilling permit for Sammons 315310C is to be submitted shortly, typically approved within 30 days.
22 Feb 2022drilling progress report● Neutral
Enterprise 16#1 has finished the shallow section and set casing. Minor top-side mechanical issues put the well about 48 hours behind schedule, with target depth now expected midweek US time.
16 Feb 2022drilling spud▲ GoodMajor
Blue Star spudded Enterprise 16#1, its first helium exploration well (100%), targeting the Lyons formation to about 980 ft. Drilling is expected to take about six days, plus about six days for evaluation and testing. It is the first of 10 wells planned for 2022.
28 Jan 2022drilling scheduled● Neutral
Enterprise 16#1 drilling slips to February because of rig logistics; the pad is ready. The Serenity-area approval hearing moved to 16 February, with the first Sammons well targeted for April. Four new Form 2As were lodged, with 47 well permits in process in total.
22 Dec 2021farm in farm out agreement▲ GoodMajor
Blue Star signed a Participation Agreement with Vecta (25%, operator) and Prospero (25%) to jointly develop an Area of Mutual Interest covering its Serenity prospect. Blue Star holds 50%, contributing 4,334 of 14,551 net acres. First well targeted early Q2 2022; resource estimate targeted Q1 2022.
21 Dec 2021drilling result▲ GoodMajor
A redrilled BBB#1 water well at Voyager confirmed a 134 ft gas column in the Lyons formation, about four times the original hole. Hill#2 was reinterpreted to show a 29 ft gas column. Offset appraisal well locations are being selected.
20 Dec 2021drilling scheduled● Neutral
Pad construction for Enterprise 16#1 is starting within days. The approved Form 2 permit is still pending and expected shortly, so the November hope of a December start has not yet been met. Drilling follows the permit promptly.
17 Nov 2021drilling result▲ GoodMajor
Water well BBB#1 at the Voyager prospect, about six miles north of Model Dome, found a gas column in the Lyons formation. Calculated air-free gas is 8.8% helium, similar to Model Dome's 8% average. Enterprise drilling is now targeted for December 2021.
20 Oct 2021drilling result▲ Good
Second water well Hill#2, about 1.5 miles down-dip of the planned Enterprise 16#1 site, showed at least 26 feet of gas effect in the Lyons formation. Gas composition could not be tested. A third well (BBB#1) is due in November.
10 June 2021resource reserve update▲ GoodMajor
Federal leases from the December 2020 auction were issued, confirming 32,858 net acres. Sproule's total P50 net unrisked prospective helium resource rises 39% to 13.4 Bcf. Landholding is 173,000 net (237,000 gross) acres. Enterprise permit still expected in Q3 2021.
8 Feb 2021resource reserve update▲ GoodMajor
Sproule assessed a new 6.1 BCF P50 net unrisked prospective helium resource across Galactica, Pegasus and Argo. Total P50 across five prospects rises 175% to 9.6 BCF. Historic wells at Galactica and Pegasus show interpreted gas shows; the December BLM acreage is excluded.
16 Nov 2020resource reserve update▲ GoodMajor
Enterprise and Galileo P50 unrisked prospective helium resource rose 16% to 3.5 BCF (from the May 2020 estimate) after new leasing. The maiden drilling campaign expands from the single Enterprise well to a minimum of 3 and up to 5 wells; approvals for new locations are expected early 2021.
28 July 2020drilling scheduled● Neutral
The first Enterprise well location was staked with a State of Colorado representative present. The drilling permit application will be lodged shortly; similar approvals have historically taken about four months, which bears on the Q4 2020 drilling plan (inference).
27 May 2020resource reserve update▲ GoodMajor
Independent assessment by Sproule gives a 3 BCF P50 unrisked prospective helium resource, net to the company, across Enterprise (2,296 mmcf) and Galileo (725 mmcf). It is a first resource estimate for a company with no well drilled. One Enterprise well is planned, with dry hole cost about US$300k.
3 Sept 2019drilling result▲ Good
Laboratory results: 187 of 188 soil samples showed helium above atmospheric levels, and 167 were 10-100% above. Enterprise had 8 anomalies from 11 samples, and the company may expand leasing there. These are surface readings, not a drilling or flow result.
29 Aug 2019drilling result▲ Good
Interim helium soil gas results: 188 samples collected, with anomalies about 50% above atmospheric levels over 7 prospects and leads. Reprocessed gravity and magnetics data refine the structures. Laboratory results are still due in September. These are surface indicators, not a well result.
1 July 2019farm in farm out completion▲ Good
The condition precedent to the Percy Creek farm-in and option agreement of 29 April has been satisfied, so the agreement is now unconditional. The text gives no further detail on the condition.
29 Apr 2019farm in farm out agreement▲ GoodMajor
First acquisition since the restructure: a farm-in and drilling option over 5,228 gross acres at Percy Creek, Wyoming. A US$275k seismic programme earns 20%, with an option to reach 100%. Unrisked best-case prospective oil resource is 75mmbbl gross; drilling is targeted for 4Q2019.
3 Oct 2018drilling scheduled▲ GoodMajor
A study found bypassed oil in the Upper Spraberry on all four Big Star wells. A US$140,000 workover of Esmond #20-1 (100% working interest) is planned for October, targeting an estimated 20-40 bopd. It is the first operational step after the recapitalisation.
22 Jan 2014drilling progress report● Neutral
Cozart 11, Pettaway, SLKT and Barnes wells are fracced and cleaning up, with no stable rates yet. Debnam 22 No. 1 had a blockage removed. Robinson No. 2's water source was cement squeezed. Company sees Wolfcamp horizontal potential nearby.
8 Jan 2014drilling progress report▲ Good
Cozart 11 No. 1 and SLKT No. 1 were fracced in December and are recovering frac fluid, with no flow rates yet. Pettaway No. 1 reached TD at 12,166 ft and Barnes No. 1 is being fracced. Robinson No. 1 set a record month of 9,999 boe.
11 Nov 2013drilling progress report● Neutral
Cozart 11 No. 1 reached TD at 12,200 ft and SLKT No. 1 at 10,518 ft; both await fracs. Pettaway 7 No. 1 and Barnes No. 1 have spud. Nova 33 No. 2 (19.2%) reached TD at 10,340 ft. Robinson No. 2 is still flowing back after a polymer squeeze.
10 Oct 2013drilling progress report● Neutral
Cozart 11 No. 1 has spud (Northern Star, PTD 12,400 ft) and SLKT No. 1 has spud at Southern Star (PTD 10,600 ft). Nova 33 No. 2 (19.2%) is drilling below 5,515 ft. Debnam 22 No. 1 awaits pumped production; Robinson No. 2 still flowing back.
30 Sept 2013drilling progress report● Neutral
Debnam 22 No. 1 (100%) completed a 16-stage frac and is being cleaned out; Cozart 11 No. 1 to spud 2 October (PTD 12,400 ft). SLKT No. 1 and Barnes No. 1 are next at Southern Star. Robinson No. 2 is still flowing back with surges.
14 Aug 2013drilling progress report● Neutral
Robinson No. 2 had an 11-stage frac and is flowing back to tanks; results to come. Robinson No. 1 averages 131 boepd after 140 days. Debnam 22 No. 1 is drilling below 12,060 ft.
31 July 2013drilling progress report● Neutral
Debnam 22 No. 1 deepening has started, drilling below 11,500 ft toward 12,300 ft. Robinson No. 2 frac slips to mid-August. Billie Jo 33 No. 2 frac is complete. Nova 33 No. 2 (19.2%) spud planned mid-August.
10 July 2013drilling progress report▲ Good
Robinson No. 2 reached TD at 10,570 ft with a liner run; frac planned early August. Billie Jo 33 No. 2 (20%) is being fracced. Rig moves to deepen Debnam 22 No. 1 to 12,300 ft. Robinson No. 1 at 132 boepd.
4 July 2013drilling progress report● Neutral
Robinson No. 1 averages 130 boepd after 90 days. Robinson No. 2 is drilling below 9,600 ft with good shows. Debnam 22 deepening follows. No new results of substance.
