Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2021regulatory community update▼ BadMajor
The company says President Biden's orders pausing new federal oil and gas leasing do not affect its drilling plans, which target private and State land. New Colorado permit rules from 15 January 2021 mean the Enterprise application must be resubmitted, with possible delay. It is investigating whether delivery of the December BLM leases may be delayed.
22 Dec 2020asset acquisition disposition▲ GoodMajor
Won 32,858 acres at the 17 December BLM auction for US$470,253, lifting the position to about 215,000 gross (160,000 net) acres, including over Galactica and Pegasus. Issue of the leases is subject to payment and BLM approval. Drilling permits are expected early in the new year.
20 Nov 2020asset acquisition disposition▲ Good
Won 6,720 gross/net acres at the November Colorado State land auction for US$70,431. Total position is now 182,000 gross (127,000 net) acres. The State leases carry a 20% royalty, higher than the company's other leases, and have no work commitments.
20 Nov 2020capital raising announcement▲ GoodMajor
Firm commitments to raise up to A$6m via up to 171.4m shares at 3.5c, to fund a multi-well drilling program, more lease acquisitions and working capital. Pamplona Capital led, with Foster Stockbroking as co-manager. Settlement is due 26 November 2020.
What it means for a shareholder
171m new shares at A$0.035 to raise about A$6.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00269% to 0.00232% of the company. To keep it you'd need 4,613 more shares - about A$161 at the issue price.
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18 Nov 2020investor presentation● Neutral
November 2020 corporate presentation restating the 3.5 BCF Enterprise/Galileo P50 resource, about 177,000 gross (120,000 net) acres and the 3-5 well drilling plan. No new information; Texas disposal intention repeated.
16 Nov 2020resource reserve update▲ GoodMajor
Enterprise and Galileo P50 unrisked prospective helium resource rose 16% to 3.5 BCF (from the May 2020 estimate) after new leasing. The maiden drilling campaign expands from the single Enterprise well to a minimum of 3 and up to 5 wells; approvals for new locations are expected early 2021.
4 Nov 2020asset acquisition disposition▲ Good
New leasing of 12,557 net acres lifts the total to 177,000 gross (120,000 net) acres and gives contiguous cover over Galileo. An updated Enterprise and Galileo resource is expected shortly; about 10,000 net acres remain under review.
12 Oct 2020regulatory community update● Neutral
The Federal Court delivered its decision in ASIC's 2017 continuous disclosure case against the company (then Antares) and ex-director Cruickshank. The company says it relates to 2015, not current management, and ASIC agreed to seek no monetary relief. The outcome itself isn't stated in the text.
28 Sept 2020asset acquisition disposition▲ GoodMajor
Won 22 BLM leases over 34,848 acres for US$849,492, lifting holdings to about 164,000 gross (108,000 net) acres. This gives large contiguous positions over four more prospects (Voyager, Prometheus, Galactica, Pegasus), and may expand the maiden drilling program.
14 Sept 2020investor presentation● Neutral
Presentation for the Resurgence Conference restating the helium strategy, the 3 BCF P50 resource and about 130,000 gross (73,000 net) acres. Q4 2020 drilling at US$300k per well is repeated, as is the Texas disposal intention. No new results.
14 Sept 2020asset acquisition disposition▲ Good
A further 5,356 net acres were leased from private owners, taking the position to 129,561 gross (73,486 net) acres, of which 69,378 net are verified. Q4 drilling is still the plan, and the company is working to add more prospects.
11 Sept 2020half year report● Neutral
Half-year report to 30 June 2020. The visible text covers the directors' report, restating the 3 BCF P50 resource and Q4 2020 drilling plan. Financial figures are not visible in the extract. Principal activities are listed as helium exploration and oil production.
4 Sept 2020director officer appointment● Neutral
Amanda Wilton-Heald replaces Andrew Whitten as Company Secretary, and the registered office moves from Sydney to Perth. Administrative change only.
1 Sept 2020price query● Neutral
ASX queried a share price rise from 1.5c to 2.5c intraday on higher volume. The company said it knew of no undisclosed information explaining the trading and that it is complying with disclosure rules.
28 July 2020drilling scheduled● Neutral
The first Enterprise well location was staked with a State of Colorado representative present. The drilling permit application will be lodged shortly; similar approvals have historically taken about four months, which bears on the Q4 2020 drilling plan (inference).
2 July 2020capital raising announcement▲ GoodMajor
96.875m options were exercised at 1c, raising $968,750; the remaining 5m options in the series expired. Total raised in the past month is $3,271,620 (before costs), including the $1.32m tranche 2 still awaiting AGM approval.
22 June 2020joint venture update▲ Good
Leased helium acreage now 128,787 gross (68,130 net), of which 65,930 net acres are verified. Drilling is planned for Q4 2020. 2.25m options were exercised for A$22,500. Offtake and rented processing skid discussions continue.
16 June 2020capital raising announcement▲ GoodMajor
Placement raises A$2,302,620.88 at 1c per share, in two tranches: A$980,621 (98.1m shares) in about a week, and A$1.322m (132.2m shares) subject to approval at the 2020 AGM. Funds go to the drilling program and working capital. Pamplona is lead manager.
1 June 2020investor presentation● Neutral
June 2020 corporate presentation repeating the 3 BCF P50 prospective resource at Enterprise and Galileo, the 65,000 net acre position and the US$300k dry hole plan. It also says options are being considered to dispose of the Texas wells. No new figures.
27 May 2020resource reserve update▲ GoodMajor
Independent assessment by Sproule gives a 3 BCF P50 unrisked prospective helium resource, net to the company, across Enterprise (2,296 mmcf) and Galileo (725 mmcf). It is a first resource estimate for a company with no well drilled. One Enterprise well is planned, with dry hole cost about US$300k.
4 May 2020investor presentation● Neutral
Managing director update restating the helium strategy and the 121,086 gross (64,924 net) acre position. Says an independent resource report is due soon and drilling costs may fall. Contains no new results or figures.
30 Apr 2020other● Neutral
Company renamed from Big Star Energy to Blue Star Helium following shareholder approval at the 24 April 2020 general meeting. The ASX code BNL is unchanged. ASIC has processed the change; ASX will reflect it in due course.
1 Apr 2020annual report● Neutral
Annual report for the year to 31 December 2019, in the usual statutory format. The visible text is only the directors' report and contents, with no financial figures shown. It confirms Pollak resigned on 25 March 2020.
1 Apr 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for 2019. It points to the corporate governance statement and carries no new business information.
30 Mar 2020asset acquisition disposition▲ Good
A further 11,981 net acres leased at a March BLM auction and from private owners, taking holdings to 121,086 gross (64,924 net) acres. This more than doubles the net position at Enterprise and adjacent Galileo. Winning bids ran up to US$52/acre; an independent resource evaluation is commissioned.
26 Mar 2020director officer appointment● Neutral
Non-executive director Michael Pollak resigned for personal reasons, effective immediately. He joined at the March 2018 relisting. The resolution to issue him management options at the upcoming meeting has been withdrawn. He remains supportive of the helium strategy.
25 Feb 2020asset acquisition disposition▲ Good
Another 17,612 gross (12,912 net) Colorado helium acres leased from 22 state auction leases and 8 private leases, lifting the total to 110,055 gross acres. Leased acreage now covers 15 elevated soil gas helium readings, the highest 106% above atmospheric. Prospective resource estimation is under way.
19 Dec 2019asset acquisition disposition▲ Good
A further 5,440 net acres leased within existing gross acreage, lifting the total to 92,443 gross (50,692 net) acres. Lease bonus is due by 23 April 2020 after due diligence, and the acreage is still to be verified.
17 Dec 2019capital raising announcement▲ GoodMajor
Placement of 146,749,450 shares at 0.6c raising A$880,497, the maximum under current capacity, led by Pamplona for a 6% fee. Funds go to helium leasing and exploration. Aims for a 3-5 well drilling campaign starting in the second quarter of 2020.
What it means for a shareholder
147m new shares at A$0.006 to raise about A$880,497. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0284% to 0.0227% of the company. To keep it you'd need 41,667 more shares - about A$250 at the issue price.
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12 Dec 2019asset acquisition disposition▲ Good
Another 5,440 net acres leased within existing gross acreage, taking the net total to 45,251 of 92,443 gross acres. Enterprise leases are 6 miles from the Model Dome helium field. Lease bonus is due by 17 April 2020 after due diligence.
