Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
12 Apr 2024agm notice● Neutral
Letter to shareholders on arrangements for the 17 May 2024 AGM in Perth: notice of meeting online, proxies encouraged. Administrative; it refers to COVID-19 restrictions, with no new business information.
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.
26 Mar 2024agm notice● Neutral
The 2024 AGM is set for 17 May 2024, with director nominations closing 2 April 2024. Administrative notice only; no new operational or financial 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.
30 Jan 2024quarterly activities report● Neutral
December quarter: cash A$6.9m (A$2.468m in September, after the ~A$7.5m raising) and zero debt. Six Voyager wells are approved, and BBB #33 flow results are still anomalous and under investigation. First production remains targeted for Q1 CY2024.
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.
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.
Create a free account to see this worked out for your own holding.
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.
