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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Oct 2024quarterly activities report● Neutral
September quarter: Helium One farm-in agreed, A$3.0m placement completed, Serenity plant selected. Quarter-end cash was A$1.2m with zero debt. A$1.06m of Tranche 2 was received after quarter end, with A$1.5m more due from Helium One at completion.
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.
20 Sept 2024agm notice● Neutral
Cover letter for a shareholder meeting on 24 October 2024 in Perth, pointing to the Notice of Meeting online. The letter refers to COVID-19 restrictions, which looks like carried-over wording. No new business information.
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.
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.
31 July 2024quarterly activities report● Neutral
June quarter: State 16 drilled and flow-tested as a helium discovery, Serenity lifted to 100%. Cash fell to A$1.225m (A$3.714m in March) with zero debt, and farm-out financing options are being evaluated.
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.
26 Apr 2024quarterly activities report● Neutral
March quarter: cash A$3.714m (A$6.9m at December) and zero debt. Voyager is paused after both wells showed anomalous flow, and the Galactica/Pegasus maiden development well is targeted for Q2 2024.