Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2025drilling progress report● Neutral
The workover rig has moved to Aloha Mula 12, the third well in the Wiepking-Fullerton option test program, ahead of Big Wampum 4 as the fourth. Results from all four tests will inform the option decision. No new results.
3 June 2025drilling result▲ Good
State 9, the sixth and final campaign well, reached total depth at 1,225 feet with 60 feet of gas-saturated Lyons Sandstone, no water and robust natural flow. The rig is released. Lab results are pending.
21 May 2025drilling spud● Neutral
State 9, the sixth and final well of the Galactica campaign under the Helium One farm-in, has spudded and the conductor is set. Helium One funds the first US$450,000. No results yet.
6 May 2025drilling result▲ Good
Jackson 2, the fifth campaign well, reached total depth at 1,232 feet with 73 feet of gas-saturated Lyons Sandstone, no water and strong natural flow. Lab results pending. The sixth Helium One-funded well will be State 9.
30 Apr 2025drilling spud● Neutral
Jackson 2, the fifth well of the Galactica campaign, has spudded and the conductor is set. Helium One funds the first US$450,000. No results yet.
23 Apr 2025drilling result▲ Good
Jackson 27, the fourth campaign well, reached total depth at 1,183 feet with 60 feet of gas-saturated Lyons Sandstone, no water and strong natural flow. Lab helium and CO2 results are pending. The rig moves to Jackson 02.
16 Apr 2025drilling spud● Neutral
Jackson 27, the fourth well of the Galactica campaign, has spudded and the conductor is set. Helium One funds the first US$450,000. No results yet.
10 Apr 2025drilling result▲ Good
Jackson 29, the third Galactica campaign well, reached total depth at 1,183 feet with 61 feet of gas-saturated Lyons Sandstone, no water and natural flow. Lab helium and CO2 results are pending. The rig moves to Jackson 27.
4 Apr 2025drilling progress report● Neutral
Jackson 29's intermediate section was drilled to about 1,110 feet and casing is being cemented. Next is drilling into the Lyons target after a bond log. No results yet.
3 Apr 2025drilling progress report▲ Good
Workover at Bubba State 3, on the Wiepking-Fullerton option assets, is complete. The Keyes formation flowed naturally and is shut in with strong pressure build-up, awaiting testing next week. The rig moves to Big Wampum 4. The option decision remains pending.
31 Mar 2025drilling spud● Neutral
Jackson 29, the third well of the Galactica campaign, has spudded and is preparing to drill the intermediate section. Jackson 4 results are still pending. No results yet.
24 Mar 2025drilling result▲ GoodMajor
Jackson 4 reached total depth at 1,260 feet with 62 feet of gas-saturated Lyons Sandstone, no water, and natural flow like Jackson 31. Lab helium results are pending. The rig moves to Jackson 29, the third well.
18 Mar 2025drilling progress report● Neutral
Jackson 4's intermediate section was drilled to about 1,123 feet and casing is being cemented. Next is drilling into the Lyons target. No results yet.
5 Mar 2025drilling spud● Neutral
Jackson 4, the second well of the Galactica campaign, has spudded and is preparing to drill the intermediate section. No results yet. State 16 remains shut in awaiting tie-in.
3 Mar 2025drilling result▲ GoodMajor
Jackson 31 reached total depth at 1,210 feet, with 57 feet of gas-saturated Lyons Sandstone, no water, and natural flow. Helium and CO2 lab results are pending. The rig moves to Jackson 4. First campaign well confirms gas.
26 Feb 2025drilling progress report● Neutral
Jackson 31's intermediate section was drilled to about 1,080 feet and casing is being cemented. Next is drilling into the Lyons target. No results yet.
19 Feb 2025drilling spud▲ GoodMajor
Jackson 31 spudded, the first well of the Galactica development campaign, after weather delays. It targets the Lyons formation, and Helium One funds the first US$450,000. No results yet.
12 Feb 2025drilling progress report● Neutral
The rig has reached Jackson 31 and is rigging up, with drilling to start shortly. This follows the weather delays flagged on 29 January and no results yet.
11 Feb 2025drilling progress report● Neutral
Well testing has begun on the WFE option assets in Lincoln County, starting with Ma State 16 and Bubba State 3. Results will guide whether Blue Star exercises the option. No results yet; historic helium was 1.36-2.02%.
29 Jan 2025drilling progress report▼ Bad
Winter weather has pushed rig mobilisation to the week of 10 February, after earlier talk of spudding in late January. Roads are being gravelled for access. Work continues on permitting and engineering for the Pinon Canyon plant, with first gas still targeted for 1H 2025.
15 Jan 2025drilling progress report● Neutral
Site works at Jackson 31 and Jackson 04 are complete and casing is on site. The rig is expected to mobilise to Jackson 31 next week, with spud immediately after rig-up. No results yet.
23 Dec 2024drilling progress report● Neutral
Site works have begun at Jackson 31, with drilling due mid-January 2025 followed by Jackson 04. Three more approved wells are scheduled for this campaign. No drilling results yet.
13 Dec 2024drilling progress report▼ Bad
Wet ground has stopped construction of well sites, so Blue Star is pushing the start of Galactica drilling to mid-January 2025 to avoid Christmas standby costs. It says the H1 2025 production target is unchanged.
4 Nov 2024farm in farm out completion▲ GoodMajor
The Helium One farm-in is complete: it earns 50% of Galactica/Pegasus for US$1.5m and funding six development wells. Blue Star stays operator. This resolves the August heads of agreement; drilling is expected in Q4 2024 and first production in H1 2025.
28 Aug 2024farm in farm out agreement▲ GoodMajor
Helium One will pay US$1.5m and fund six development wells (capped at US$0.45m each) to earn 50% of Galactica/Pegasus; Blue Star stays operator. Conditions include ECMC OGDP approval, with completion by 31 October 2024. First production is targeted for H1 2025.
1 July 2024drilling result▲ Good
Independent engineers say State 16 could produce up to 441 Mscfd, with constrained stabilised rates of 250-350 Mscfd. The 5-well Galactica Pegasus OGDP passed ECMC completeness and technical review, with a hearing expected later this year.
27 May 2024drilling result▲ GoodMajor
State 16 reached TD at 1,211 ft, with logs showing about 96 ft of gas-saturated Lyons sandstone and no water. The well flowed naturally while drilling; formal flow testing is about to start. Helium concentration is not yet known.
22 May 2024drilling progress report● Neutral
State 16 SWSE 3054 intermediate section was drilled to about 1,110 ft, cased and cemented; a cement bond log is next. Drilling into the Lyons target, logging and at least 5 days of testing follow. No results yet.
17 May 2024drilling spud● NeutralMajor
State 16 SWSE 3054, the maiden Galactica/Pegasus development well, was spudded, with conductor set at 38 ft. Target depth in the Lyons is expected in 5-7 days, followed by logging and at least 5 days of testing.
15 May 2024drilling progress report● Neutral
Site works at the State 16 SWSE 3054 well at Galactica are complete and the driller is rigging up, with spud expected later that week. This is the first Galactica/Pegasus development well; no results yet.
