RE: Blus Star uipdate29 Jan 2025 23:06
ASX ANNOUNCEMENT
30 January 2025
Activities Report
Quarter Ended 31 December 2024
Blue Star Helium Limited (ASX:BNL, OTC:BSNLF) provides an update on its activities for the
quarter ended 31 December 2024.
Highlights
▪ Strategic Helium Acquisition: Secured options to purchase helium assets and oil and
gas assets in Colorado with existing wells, infrastructure, and potential for rapid
development.
▪ Galactica/Pegasus: Farmed out 50% interest to Helium One, who will fund the drilling
of six development wells (up to US$450,000 per well). Drilling expected to start in Q1
2025, with first production slated for H1 2025.
▪ Corporate: Completed two-tranche placement, raising A$3.0 million. Quarter-end cash
balance of A$2.6 million and zero debt.
OPERATIONS
Strategic Helium Acquisition
Blue Star has secured options to purchase helium assets and oil and gas assets in Lincoln
and Cheyenne Counties, Colorado. These assets include:
• Existing wellbores with historic helium concentrations of 1.36% to 2.02% and raw gas
flow rates of 5,000 to 10,000 Mcfd.
• Substantial production infrastructure and proximity to the Ladder Creek helium
liquefaction facility.
• The Kregel well, currently producing helium and connected to the Tumbleweed gas
gathering system.
• Approximately 283 square miles of 3D seismic data for exploration.
• Late-life oil and gas production which the vendors advised produced US$3.4 million of
net operating profit in the 9 months to 30 September 2024.
Blue Star is evaluating funding options for the acquisition, including debt and/or strategic joint
ventures.
For further information refer to BNL ASX Announcement and cautionary statement dated
23 December 2024 (Strategic Helium Acquisition Option).
Blue Star Helium Limited | ASX:BNL | OTCQB:BSNLF
194 Hay Street, Subiaco, WA, 6008
ACN 009 230 835 | info@bluestarhelium.com | www.bluestarhelium.co