Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2022material agreement▲ GoodMajor
Initial Voyager plan of development: 3-4 wells, about US$2.9m pre-production capex, and a leased, third-party-operated 2 mmcf/d plant targeting 38 mmcf net helium in the first full year. First sales are targeted H2 2023; lease contract still under negotiation, expected Q1 2023.
31 Oct 2022quarterly activities report● Neutral
Quarter to 30 September 2022: cash A$9.051m, zero debt (A$10.672m at June). Recaps the Voyager contingent resource, the JXSN#4 discovery and the CFO appointment; 56 well permits in process. Voyager plan and FEED due Q4 2022, plant H2 2023.
20 Oct 2022regulatory community update▲ Good
The regulator passed the two-well BBB 2860 plan (BBB 33 and 34) at Voyager as complete, and set a 28 December hearing for the three-well Galactica-Pegasus OGDP II. Voyager is called the first planned development, Galactica/Pegasus the second.
5 Oct 2022drilling result▲ GoodMajor
Logs confirm JXSN#4 as a discovery: 233.5 ft gas column, 133.5 ft net pay. Air-free helium is 6.06% in the best sample and 4.20% in another, above the earlier three wells. Flowed 124.6 mcfd while drilling; feeds the Galactica/Pegasus resource update.
3 Oct 2022regulatory community update▲ Good
The regulator accepted the three-well Galactica-Pegasus OGDP II as complete in 65 days, against an average of 121, and approved Forms 2A for State 09, 16, 35 and 36. Seven Galactica/Pegasus development wells are now in advanced permitting.
29 Sept 2022drilling result▲ GoodMajor
JXSN#4 reached 1,043 ft; both upper and lower Lyons flowed gas. Preliminary air-free helium is 6.5%, about double the 3.14% best of the three earlier Galactica wells. A second lab check and logs are due; results feed the Galactica/Pegasus resource update.
27 Sept 2022resource reserve update▲ GoodMajor
Maiden Sproule contingent helium resource for Voyager (100% BNL): 2C 643 MMscf net unrisked, 3C 1,228 MMscf. Follows the BBB#1 discovery (8.8% He). Plan of development and FEED due Q4 2022 (slipped from Q3); Stage 1 plant targeted H2 2023.
23 Sept 2022drilling spud● Neutral
JXSN#4, a step-out water well funded by Blue Star (100%) on Galactica, spudded 21 September and is at 582 ft, where casing will be set above the Lyons. It is 1.7 miles NW of JXSN#1 and tests an undrilled part of the structure.
19 Sept 2022well test result▲ Good
Sammons 315310C drilled 15 ft of lower Lyons, gas-filled, flowing about 115 mcfd; total depth 1,323 ft. A three-day flow test and gas samples come next. The rig then moves to JXSN#4, a step-out 1.7 miles NW of JXSN#1.
15 Sept 2022regulatory community update▲ GoodMajor
The regulator approved two development plans covering four Galactica/Pegasus helium well locations (100% Blue Star). Final drilling permits will be filed after written orders, with approval expected 30-40 days later. This resolves the hearing deferred from July.
12 Sept 2022drilling progress report▼ Bad
Cement bond log on Sammons 315310C showed insufficient cement from about 730 ft to surface. More cementing was done, and a repeat log will precede drilling into the lower Lyons. Another delay for the Serenity well.
12 Sept 2022regulatory community update● Neutral
The regulator's hearing for the four State wells (9, 16, 35, 36) is now set for 14 September 2022. Seven more wells are in review, and two plans for eight wells offsetting JXSN#3 are being finalised. This follows the earlier deferral to 10 August.
12 Sept 2022half year report▼ Bad
Half-year to 30 June 2022: loss A$2.71m, up from A$1.13m a year earlier. Revenue was A$7,824. Restates known events (JXSN discoveries, Enterprise 16-1 workover). Share price was A$0.029 at 30 June, versus A$0.062 at December 2021.
6 Sept 2022director officer appointment▲ GoodMajor
Scott Fenoglio, ex CFO of Ossidiana Energy with almost 20 years in oil and gas, is appointed CFO in Denver, starting immediately. He is offered 10m performance rights in 5 tranches. His role fits the move to development and offtake planning.
5 Sept 2022admin correction● Neutral
Registered office changed to Level 8, London House, 216 St Georges Terrace, Perth. Contact details are unchanged. Administrative only.
2 Sept 2022drilling result▲ GoodMajor
Sammons 315310C fully penetrated the upper Lyons (1,155-1,238 ft): an 83 ft gas column with no water, flowing up to 500 mcfd. Casing is set at 1,270 ft, and the lower Lyons will be tested next. Helium content is still unknown.
31 Aug 2022well test result▲ GoodMajor
Sammons 315310C hit the Lyons at about 1,155 ft and the well blew gas. Flow tests over 48 hours gave 380-465 mcfd, similar to the Galactica/Pegasus discoveries. The operator will drill 40 ft more and retest; no helium percentage yet.
22 Aug 2022drilling progress report● Neutral
Sammons 315310C has reached about 425 ft after the operator resolved several unexpected rig issues. Drilling into the target Lyons formation follows once the shallow section is complete. Slower than the roughly 10 days to total depth guided at spud.
10 Aug 2022investor presentation● Neutral
August 2022 corporate presentation. The excerpt shows the existing Sproule prospective resource table (P50 total 13,422 mmcf net) and disclaimers; no new information is evident in the text provided.
4 Aug 2022drilling spud▲ GoodMajor
Sammons 315310C, the first Serenity well (Blue Star 50%, non-operated), has spudded after repeated slips. About 10 days to reach roughly 1,400 ft, then 7 days of testing. Net dry-hole cost about US$150k. Success would prompt a first Sproule Serenity resource.
1 Aug 2022regulatory community update▲ Good
Two more development plan applications filed for 7 new Galactica/Pegasus helium wells, taking applications to 11 wells at the regulator. The first four wells' hearing is later this month, and two further plans are expected. Sammons 315310C is set to spud this week.
29 July 2022drilling progress report● Neutral
Sammons 315310C is now expected to spud on Monday US time, after a small delay to repair a hydraulic pump. Another short slip for the first Serenity well, in which Blue Star holds 50%.
29 July 2022quarterly activities report● Neutral
June quarter report: cash A$10.672m with zero debt, down from A$13.603m in March. Recaps three Galactica/Pegasus discoveries (up to 3.14% He), Enterprise 16#1 workover, Kondrat as COO; 56 helium permits in process, up to 14 wells planned H2 2022.
20 July 2022regulatory community update▼ Bad
Sammons 315310C pad is built and spud is expected next week. The regulator has deferred the hearing on the State 9, 16, 35 and 36 Galactica/Pegasus wells from 19 July to 10 August 2022, delaying those follow-up wells.
12 July 2022well test result● Neutral
Enterprise 16-1 was cased across the Lyons and perforated at 1,051-1,054 ft. Pressure build-up and flow were seen while swabbing, and gas samples went to the lab with results due in about two weeks. Final completion awaits drilling up-dip to the south-east.
12 July 2022drilling progress report● Neutral
Operator Vecta says Sammons 315310C drilling should start within 7 days, because the crew is finishing another job. This slips the earlier planned spud of the week of 27 June.
7 July 2022security holder rights change● Neutral
Terms are set for performance rights to be issued to US employees under the plan described in the AGM notice, with a new clause 17 covering US tax rules. They are issued under the 7.1 capacity. Likely linked to the COO's rights (inference).
30 June 2022director officer appointment▲ GoodMajor
Peter Kondrat, formerly President and COO of helium producer Tacitus LLC, is appointed Chief Operating Officer in Colorado. He is offered 10 million performance rights in five tranches. The appointment fits the planned move from exploration toward development drilling and production.
16 June 2022drilling scheduled▲ Good
Two more exploratory water wells are planned at Galactica/Pegasus after the Serenity well, using the same rig. Four helium wells are planned for H2 2022, subject to the 19 July hearing, and 2-5 Voyager wells are expected in H2 2022. Resource updates are due Q2 and Q3.
15 June 2022investor presentation● Neutral
Notice that CEO Trent Spry will present at the Broker Briefing Investor Webinar on 16 June 2022. No new company information is given.
