Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2023regulatory community update▲ GoodMajor
The regulator gave final approval (Forms 2) for four more Voyager wells, lifting approved drilling locations to six. This follows the 30 November plan approval and the 5 December lodgement. Drilling is due to recommence in early January 2024.
7 Dec 2023drilling spud▲ GoodMajor
BBB #33, the first Voyager development well, was spudded. The surface hole was drilled to 42 feet and 13 3/8" casing cemented. The main rig, delayed from earlier plans, is still to arrive to drill the Lyons reservoir.
5 Dec 2023drilling scheduled▼ BadMajor
The drilling rig for BBB #33 is delayed two weeks, so drilling now completes in January 2024. First helium is pushed from Q4 2023 to Q1 CY2024. Plant installation will be re-timed to match; Form 2s for four more wells are lodged.
30 Nov 2023regulatory community update▲ GoodMajor
The regulator approved the second development plan covering four more Voyager wells, resolving the 22 November hearing thread. Six wells will be cleared once final Form 2 permits are granted. BBB 33#1 preparations are complete.
22 Nov 2023capital raising announcement▼ Bad
The share purchase plan raised only A$478,000 (22,761,889 shares at 2.1c), well short of the A$2m target. Total new money from the October raising is therefore about A$7.5m.
What it means for a shareholder
22.8m new shares at A$0.021 to raise about A$478,000. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.00248% to 0.00245% of the company. To keep it you'd need 565 more shares - about A$12 at the issue price.
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14 Nov 2023capital raising announcement● Neutral
The share purchase plan closing date was extended from 14 to 17 November to give holders more time after the drilling update. Results are now due 22 November. Other terms unchanged.
13 Nov 2023drilling scheduled● Neutral
The first Voyager production well, BBB #33, is expected to spud in the week of 27 November, about 750 ft from the BBB#1 discovery (8.8% helium). Drilling should take 6-10 days, then testing. This follows the earlier shift of drilling from August to October.
1 Nov 2023capital raising announcement● Neutral
Share purchase plan booklet sent to eligible holders: up to A$30,000 each at 2.1c, a 23.6% discount to the five-day average price, targeting A$2m. Offer opens 1 November and closes 14 November. Continues the October placement.
23 Oct 2023admin correction● Neutral
Cleansing notice confirming 333,333,334 shares from the October placement were issued on 20 October 2023. Administrative only.
16 Oct 2023listing compliance notice● Neutral
ASX lifted BNL's suspension following release of the capital raising announcement. Administrative notice only.
16 Oct 2023investor presentation● Neutral
October 2023 corporate presentation repeating known figures, including Voyager contingent 2C 643 MMscf and prospective P50 13,422 MMscf. No new results.
16 Oct 2023capital raising announcement● NeutralMajor
Raised A$7m via a placement of 333,333,334 shares at 2.1c, a 22.2% discount to the last close of 2.7c. Funds go to the Voyager plant, wells and Galactica/Pegasus studies. A targeted A$2m share purchase plan for existing holders at the same price is proposed. Cash had been falling.
What it means for a shareholder
333m new shares at A$0.021 to raise about A$7.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.003% to 0.00248% of the company. To keep it you'd need 10,007 more shares - about A$210 at the issue price.
Create a free account to see this worked out for your own holding.
13 Oct 2023listing compliance notice● Neutral
BNL's shares were suspended at the company's request, pending an announcement on a capital raising. It follows a trading halt requested on 11 October. The company asked for the suspension to end by 18 October at the latest.
4 Oct 2023other● Neutral
Site preparation at Voyager is under way for the IACX recovery unit: pad building, base gravel from a nearby leaseholder, and road upgrades. Progress update only; no new results or dates.
2 Oct 2023material agreement▲ Good
Leased the Voyager power generator from Red-D-Arc, completing acquisition of the three main plant components (compressor, recovery unit, generator). IACX is to install the plant in Q4 2023. Leasing keeps capital costs low.
18 Sept 2023regulatory community update▲ Good
Regulator technical review is done for four more Voyager wells, with the approval hearing on 22 November 2023. If approved, six Voyager wells are cleared for drilling; 14 more are planned. This continues the second Voyager permit plan submitted in May.
11 Sept 2023director officer appointment● NeutralMajor
Gregg Peters, ex-Linde helium director for North America, joins as non-executive director with 9m options at 2.8c. Neil Rinaldi becomes Non-Executive Chairman; Ross Warner leaves the board but stays as President, Commercial and Legal. Board now has an independent majority.
8 Sept 2023drilling scheduled▼ Bad
Voyager development wells will use a larger open-hole bore on engineering advice, so drilling now starts in October rather than August. The IACX plant delivery is still said to be on schedule for Q4 2023.
8 Sept 2023half year report● Neutral
Half-year to 30 June 2023: loss A$1.81m (A$2.89m a year earlier). Highlights the IACX agreement and the compressor purchase after period end. Production still targeted Q4 2023; share price 2.5c at 30 June.
15 Aug 2023material agreement▲ Good
Bought the feed compressor for Voyager, a long-lead item, for a non-material sum; it is being refurbished. IACX confirmed the helium recovery unit is on schedule for Q4 2023. Small step toward the Q4 first-production target.
10 July 2023investor presentation● Neutral
July 2023 corporate presentation repeating known figures: Voyager contingent 2C 643 MMscf, prospective P50 13,422 MMcf, and first helium from Q4 2023. No new results.
30 June 2023material agreement▲ GoodMajor
Signed the Voyager helium plant agreement with IACX: a leased 2 MMcf/d plant, paid by monthly fee with no plant build cost. About 38 MMcf net helium in the first full year is targeted, first output Q4 2023. Voyager leases are mortgaged as security.
30 June 2023listing compliance notice● Neutral
ASX said BNL's suspension would lift once the gas processing agreement announcement was released. Administrative notice only.
28 June 2023listing compliance notice● Neutral
Trading in BNL was suspended at the company's request, pending an update on the gas processing agreement. The company asked that it end by 5 July 2023 at the latest. This follows the long-delayed plant lease, which was still unsigned.
8 June 2023regulatory community update▲ Good
The regulator approved the plan for three Galactica/Pegasus development wells (Jackson #01-#03), offsetting the JXSN#1 and #2 discoveries. Once final permits follow, seven wells are approved there. This continues the January approvals for State 09, 16, 35 and 36; the Jackson hearing outcome was previously unseen.
26 May 2023investor presentation● Neutral
AGM presentation repeating known figures: Voyager contingent 2C 643 MMscf and total prospective P50 13,422 MMcf. First Voyager helium sales are now stated as Q4 2023. No new results.
22 May 2023drilling scheduled● NeutralMajor
Blue Star said a three-well Voyager drilling program would start in August: BBB 33#1, 34#1 and an exploratory well. It submitted a four-well permit application, cut from five. The IACX plant agreements were in agreed form but unsigned, with first helium on track for Q4 2023.
19 Apr 2023regulatory community update▲ Good
The regulator gave final approval to drill Voyager wells BBB 33#1 and 34#1, resolving the expectation set on 11 April. Drilling is expected late Q2 or Q3. A five-well permit plan goes in early May; the plant agreement is still pending.
11 Apr 2023regulatory community update▲ GoodMajor
Final approval for Voyager wells BBB 33#1 and 34#1 expected this month, with drilling in late Q2 or Q3. New crestal leases of 2,987 gross (1,382 net) acres should lift contingent resources. The plant lease is now expected within weeks, and a five-well permit plan will follow. First sales are still targeted H2 2023.
30 Mar 2023annual report● Neutral
Annual report for 2022. Recaps Voyager's 2C 643 MMscf contingent resource and the leased 2 mmcf/d plant plan. First Voyager development well targeted Q2 2023; first helium output H2 2023. Final two Voyager permits, plus five more applications, are in progress.
