Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2022drilling scheduled● Neutral
Enterprise 16#1 drilling slips to February because of rig logistics; the pad is ready. The Serenity-area approval hearing moved to 16 February, with the first Sammons well targeted for April. Four new Form 2As were lodged, with 47 well permits in process in total.
25 Jan 2022agm notice● Neutral
Blue Star will withdraw Resolutions 3 to 6 from the 3 February general meeting, dropping the proposed Performance Rights Plan and performance rights for management and directors after shareholder feedback. A redesigned structure is to be put to shareholders later.
4 Jan 2022other● Neutral
Cleansing notice for 2,500,000 shares issued on option conversion. Administrative only, with no new information. (The notice text also refers to 55,250,000 shares in the Appendix 2A, a discrepancy the notice does not explain.)
23 Dec 2021regulatory community update▲ GoodMajor
The Form 2 permit to drill for Enterprise 16#1 was approved, which Blue Star understands is the first for a helium well in Colorado since the January 2021 permitting changes. This resolves the pending permit; drilling is expected to start in January 2022, weather permitting.
22 Dec 2021farm in farm out agreement▲ GoodMajor
Blue Star signed a Participation Agreement with Vecta (25%, operator) and Prospero (25%) to jointly develop an Area of Mutual Interest covering its Serenity prospect. Blue Star holds 50%, contributing 4,334 of 14,551 net acres. First well targeted early Q2 2022; resource estimate targeted Q1 2022.
21 Dec 2021drilling result▲ GoodMajor
A redrilled BBB#1 water well at Voyager confirmed a 134 ft gas column in the Lyons formation, about four times the original hole. Hill#2 was reinterpreted to show a 29 ft gas column. Offset appraisal well locations are being selected.
20 Dec 2021admin correction● Neutral
Share registry Automic is moving its Perth office to Level 5, 191 St Georges Terrace from 20 December 2021. Administrative only.
20 Dec 2021drilling scheduled● Neutral
Pad construction for Enterprise 16#1 is starting within days. The approved Form 2 permit is still pending and expected shortly, so the November hope of a December start has not yet been met. Drilling follows the permit promptly.
15 Dec 2021other● Neutral
Cleansing notice for 2,500,000 shares issued on conversion of options. Administrative notice with no new information.
17 Nov 2021drilling result▲ GoodMajor
Water well BBB#1 at the Voyager prospect, about six miles north of Model Dome, found a gas column in the Lyons formation. Calculated air-free gas is 8.8% helium, similar to Model Dome's 8% average. Enterprise drilling is now targeted for December 2021.
11 Nov 2021regulatory community update● Neutral
The final permit to drill (Form 2) for Enterprise 16#1 was submitted to the regulator. Approval is typically received within 30 days, with drilling to start promptly afterwards.
5 Nov 2021other● Neutral
Cleansing notice for the 267,857,143 shares issued under the 29 October placement. Administrative; it completes that raising with no new information.
29 Oct 2021capital raising announcement▲ GoodMajor
Blue Star raised A$15m via a placement of 267,857,143 shares at 5.6c, a 15.2% discount to the last close. Funds go to well and water well drilling, leasing, development studies and working capital. Cash was A$3.3m at June.
What it means for a shareholder
268m new shares at A$0.056 to raise about A$15.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (17,857 at the issue price), your slice goes from 0.00142% to 0.00117% of the company. To keep it you'd need 3,794 more shares - about A$212 at the issue price.
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29 Oct 2021quarterly activities report● Neutral
September quarter: cash A$2.2m before the A$15m raising. Enterprise 16#1 Form 2A approved, with the well expected to cost about US$300,000 on a dry-hole basis. Hill#2 water well logs were encouraging, and BBB#1 is due in November.
28 Oct 2021regulatory community update▲ GoodMajor
The regulator approved the Form 2A application for Enterprise 16#1 at an uncontested hearing. The final permit to drill (Form 2) is to be submitted within days, typically approved within 30 days. This clears a major step toward the maiden well.
20 Oct 2021drilling result▲ Good
Second water well Hill#2, about 1.5 miles down-dip of the planned Enterprise 16#1 site, showed at least 26 feet of gas effect in the Lyons formation. Gas composition could not be tested. A third well (BBB#1) is due in November.
19 Oct 2021regulatory community update● Neutral
Responding to market speculation, the company says the approval being cited is only the regulator Director's usual pre-hearing recommendation. The hearing remains on 27 October 2021 and the final permit is still expected in Q4 2021.
30 Sept 2021regulatory community update▲ Good
Public review of the Enterprise 16#1 application closed with no petitions filed by 27 September. The COGCC hearing stays set for 27 October 2021, and the final permit is still expected in Q4 2021, as previously flagged.
30 Sept 2021investor presentation● Neutral
CEO Trent Spry presents at an online Spark Plus Metals & Mining Day webinar on 30 September 2021, with an updated corporate presentation attached. The visible text repeats known facts and shows no new results.
29 Sept 2021other● Neutral
Cleansing notice for 3,500,000 shares issued on conversion of options. Administrative notice with no new information.
24 Sept 2021price query● Neutral
ASX queried a rise in the share price from 5.4c to 6.3c on higher volume. The company said it knew of no undisclosed information and noted an online article published 23 September without its involvement. It confirmed it is complying with listing rules.
10 Sept 2021half year report● Neutral
Half year to 30 June 2021: loss after tax of A$1,131,844 (A$707,631 a year earlier). Revenue was only A$1,085. Landholding is 265,265 gross (189,449 net) acres. Kendrick resigned 14 April 2021; the board is Warner, Spry and Rinaldi.
23 Aug 2021regulatory community update● Neutral
Enterprise 16#1 drilling application passed the regulator's completeness review. A hearing is set for 27 October 2021 if no petitions are filed. The final permit is now expected in Q4 2021, slipping from the earlier Q3 expectation.
29 July 2021quarterly activities report● Neutral
June quarter: cash A$3.3m. Federal leases issued, P50 resource 13.4 Bcf, plus a key Galactica crestal lease; landholding 183,160 net acres. Enterprise approval is now expected this quarter, while no operator has yet received a permit under the new rules.
29 July 2021other● Neutral
Cleansing notice for 2,000,000 shares issued on conversion of options. Administrative notice with no new information.
10 June 2021resource reserve update▲ GoodMajor
Federal leases from the December 2020 auction were issued, confirming 32,858 net acres. Sproule's total P50 net unrisked prospective helium resource rises 39% to 13.4 Bcf. Landholding is 173,000 net (237,000 gross) acres. Enterprise permit still expected in Q3 2021.
31 May 2021remuneration report● Neutral
From 1 May 2021, base salary for both Executive Chairman Ross Warner and CEO Trent Spry rises to A$285,000 each, from a A$60,000 cap. The board cites an independent benchmarking report putting pay at the 50th percentile of peers.
10 May 2021other● Neutral
Cleansing notice for 22,000,000 shares issued on conversion of options. Administrative notice. Inference: likely the directors' 1.2c options, but the text does not say.
29 Apr 2021agm notice● Neutral
Letter to shareholders on COVID-19 arrangements for the AGM, to be held in person on 31 May 2021 in Perth. No hard-copy notices will be sent. Administrative only. The date differs from the 28 May stated earlier.
29 Apr 2021quarterly activities report● Neutral
March quarter: cash was A$4.3m (A$4.91m previous quarter). About 13,000 net acres leased in the quarter. Enterprise application lodged, with final permit expected Q3 2021; the December BLM leases are still not issued. Total P50 stays at 9.6 Bcf.
