Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2024half year report▼ Bad
Half-year to 30 June 2024 loss was A$10.35m, versus A$1.81m a year earlier. Share price fell to 0.7c from 2.2c at December 2023. Report also recaps the State 16 discovery (up to 1.90% helium) and development options.
5 Sept 2024capital raising announcement▼ BadMajor
Blue Star raised A$3.0m via a placement of 750m shares at A$0.004, far below the 2.1c of the October 2023 placement, with one free option per two shares (1c, 2 years). Tranche 2 needs shareholder approval; Canaccord is lead manager. Heavily dilutive.
What it means for a shareholder
750m new shares at A$0.004 to raise about A$3.0m. That's 28% dilution: every existing holder's slice gets 28% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0129% to 0.00928% of the company. To keep it you'd need 96,407 more shares - about A$386 at the issue price.
Create a free account to see this worked out for your own holding.
28 Aug 2024farm in farm out agreement▲ GoodMajor
Helium One will pay US$1.5m and fund six development wells (capped at US$0.45m each) to earn 50% of Galactica/Pegasus; Blue Star stays operator. Conditions include ECMC OGDP approval, with completion by 31 October 2024. First production is targeted for H1 2025.
25 July 2024asset acquisition disposition▲ GoodMajor
Blue Star chose a small, low-capex Serenity CO2 plant (about US$1.3m) processing 500 Mcf/d to make 20-25 tons/day of beverage-grade CO2, targeting first output in H1 2025. This turns the June Serenity acquisition into a development plan; offtake talks continue.
3 July 2024regulatory community update▲ Good
The ECMC will hear the 5-well Galactica Pegasus OGDP I on 4 September 2024. Drilling of those wells and facility tie-in are both targeted for Q4 2024, with final drill permits taking about 2 weeks after the hearing.
1 July 2024security holder rights change● Neutral
Tranche 3 performance rights vested after the five-prospect drilling condition was met. 14.2m rights are convertible to shares, and 4m US-employee rights were settled with 2,620,018 shares plus US$6,398 cash. Modest dilution.
1 July 2024admin correction● Neutral
Standard Corporations Act s708A notice for the 2,620,018 shares issued on 28 June 2024 (the performance-rights settlement). Administrative; no new information.
1 July 2024drilling result▲ Good
Independent engineers say State 16 could produce up to 441 Mscfd, with constrained stabilised rates of 250-350 Mscfd. The 5-well Galactica Pegasus OGDP passed ECMC completeness and technical review, with a hearing expected later this year.
6 June 2024asset acquisition disposition▲ GoodMajor
Blue Star lifts its Serenity CO2 project interest from 50% to 100% (about 18,141 net acres) by assigning 1,640 net acres to Vecta and partners, with no cash or scrip. Sammons well gas is about 98.8% CO2. Adds a CO2 business alongside helium.
4 June 2024flow test result▲ GoodMajor
State 16 is declared a helium discovery: air-corrected helium up to 1.90%, about 70% CO2, and flow stabilised at 285 Mcfd under vacuum (peak 313). Contrasts with the anomalous Voyager wells. A new OGDP for 5 more wells has been filed.
27 May 2024drilling result▲ GoodMajor
State 16 reached TD at 1,211 ft, with logs showing about 96 ft of gas-saturated Lyons sandstone and no water. The well flowed naturally while drilling; formal flow testing is about to start. Helium concentration is not yet known.
22 May 2024drilling progress report● Neutral
State 16 SWSE 3054 intermediate section was drilled to about 1,110 ft, cased and cemented; a cement bond log is next. Drilling into the Lyons target, logging and at least 5 days of testing follow. No results yet.
17 May 2024drilling spud● NeutralMajor
State 16 SWSE 3054, the maiden Galactica/Pegasus development well, was spudded, with conductor set at 38 ft. Target depth in the Lyons is expected in 5-7 days, followed by logging and at least 5 days of testing.
15 May 2024drilling progress report● Neutral
Site works at the State 16 SWSE 3054 well at Galactica are complete and the driller is rigging up, with spud expected later that week. This is the first Galactica/Pegasus development well; no results yet.
17 Apr 2024joint venture update▼ BadMajor
The Voyager plan is no longer expected to be the highest-returning use of capital, though engineering reports still forecast profitable scenarios; other pathways will be reviewed. The Galactica/Pegasus State 16 development well remains on track this quarter, funded from cash.
28 Mar 2024annual report● Neutral
Appendix 4G, a standard checklist pointing to the company's corporate governance disclosures, dated 28 March 2024 and authorised by the chairman. Administrative; no substantive content.
28 Mar 2024annual report● Neutral
Annual report for the year to 31 December 2023. The chairman describes the Voyager well results as highly anomalous, leading to the March 2024 pause and a move to a Galactica/Pegasus development well. The IACX plant components are acquired and available to deploy.
28 Mar 2024annual report● Neutral
Corporate governance statement approved 28 March 2024, setting out how the company follows ASX governance recommendations. Compliance document accompanying the annual report; no new business information.
12 Mar 2024material agreement▼ BadMajor
Blue Star paused Voyager development and put mobilisation of the leased IACX plant on hold, after BBB #33 and Bolling #4 needed more vacuum and compression than expected. A maiden Galactica/Pegasus development well is planned for Q2 2024, funded from cash.
14 Feb 2024well test result● Neutral
Bolling #4 SESW flowed up to 268.4 mscf/d under vacuum (about 14 psi), with ~4.1% helium, 83.1% nitrogen and 12.8% CO2. This shows flow is possible, but only on vacuum, following the earlier anomalous results; engineering analysis continues.
12 Feb 2024well test result▼ BadMajor
BBB #33 flowed gas with about 3% helium under light vacuum, at 18 mscf/d over 8 hours. Bolling #4 SESW reached TD at 922 ft with gas-filled Lyons (~27% porosity) but showed the same anomalous low flow and pressure as BBB #33.
2 Feb 2024drilling progress report● Neutral
The rig started drilling the intermediate section at Bolling #4 SESW, the second Voyager well; target depth is expected in 6-10 days, then logging and testing of at least 5 days. BBB #33 evaluation continues, with no new result.
30 Jan 2024drilling result▼ BadMajor
BBB #33 reached 935 feet, 51 feet into the Lyons, with logs showing a gas-filled reservoir (about 28% porosity). But initial flow and pressure were limited-to-no, which the company calls anomalous; possible wellbore damage is being investigated. This clouds the expected Voyager first well. The rig moved to Bolling #4.
22 Jan 2024drilling progress report● Neutral
BBB #33's intermediate section was drilled to 864 feet and is being cased and cemented. After cement bond logging, the well will drill into the Lyons target. Routine progress with no reservoir results.
15 Jan 2024drilling progress report● Neutral
The main rig began drilling the intermediate section of BBB #33 on 13 January. Reaching target depth in the Lyons reservoir is expected to take 6-10 days, followed by logging and at least 5 days of flow testing. No results yet.
11 Jan 2024regulatory community update▲ Good
The regulator approved a fourth development plan at Galactica/Pegasus covering four Jackson wells, offsetting the JXSN discoveries. Permitted locations total 11, with 20 more identified. Final drilling permits (Form 2) are still to be lodged, and the development plan is not yet settled.
5 Jan 2024drilling progress report● Neutral
The driller, Hydro Resources, has begun arriving on location to drill BBB #33, the Voyager well already spudded on 7 December. This is the main rig arrival awaited since the December delay. No new results.
3 Jan 2024resource reserve update▲ GoodMajor
Sproule raised Voyager's net contingent helium resource (2C) to 857 MMscf from 643 MMscf, a 33% increase from the additional leases bought in April 2023. 1C is 388 and 3C is 1,570 MMscf. This delivers the expected resource update.
2 Jan 2024drilling spud● Neutral
Bolling #4 SESW, the second Voyager development well, was spudded: surface hole drilled to 42 feet and 13 3/8" casing cemented. Like BBB #33, it now awaits the main rig, which the contractor expects to start mobilising later this week.
29 Dec 2023drilling progress report● Neutral
Site works at Bolling #4 SESW, the second Voyager development well location, are complete. A spudder rig is mobilising to set conductor, after which the well awaits the main rig. No new results.
