Member Info for Hepseal

Acquired licence in Equatorial Guinea - Currently looking for a farm out.

You missed out his more recent 42.9% stake in Antler Global Ltd!!

Rob - "Anyone sensible on here have an idea ?"

I consider myself moderately sensible but like you I have no idea!!

Thanks Blubay - The drilling sequence makes sense now.

Bluebay - further to your earlier post:

"It's not us mixing them up. It's BNL's project map that has those two wells labelled the wrong way around"

Yep, there seems to be two versions of the project map, are you able to confirm which of the following configurations is actually correct:

a) left to right, Jackson 31 - 02 - 04

b) left to right, Jackson 31 - 04 - 02

Thanks.

"The initial six well drilling programme funded by Helium One, together with State-16, are expected

to form the initial gas gathering system into the Phase 1 helium production facility"

Thank you Bluebay and Crusty - I had not seen that either but I must say I think the summary in the RNS should have been clearer. Helium One do of course have an item in for contingencies which hopefully will cover any overspend.

CrustyPete - "I think you will find that the first $450k of any well costs are paid by He1 BUT that if the costs end up exceeding that cost the overspend is split 50:50 between BLN and He1."

Where does it say that??

I don't know about the project as a whole but Helium One should be on budget, see below breakdown:

"US$1.5 million in respect of past costs incurred by Blue Star on the Galactica Project;"

"100% of the costs in respect of six wells capped at US$450,000 per well;"

" up to US$2.55 million in in respect of the Company's 50% participating interest share of the tie-back, installation and processing expenditures required for the development of the Galactica Project;"

"the balance of US$1.18 million in respect of associated fees, legal costs and working capital and development contingencies."

Helium One expenditure on the six wells is capped at $450,000 each so money should be in Helium One's bank available to pay for the sixth well as and when required.

It may be the extra road building costs may be included in the $450,000 for the first two wells. I don't imagine they would be tha significant otherwise they would have delayed the programme until ground conditions improved.

I did note on one of the Blue Stars announcements in December or January that they referred to the current campaign of five wells so I am wondering if there will be a pause in drilling before the sixth well thus allowing them to concentrate on getting the first six wells (5 +1) into production and thus earning revenue.

All good.

If we include ST16 in the equation we have now had 3 successful wells all with similar results.

Looking at the location of the next three wells on the map I would anticipate similar results for all six wells.

Brilliant Gogs!!

Roger Jolly - I agree with you re the number of wells.

"Blue Star has finalized a farm-in agreement with Helium One for a 50% interest in the

Galactica/Pegasus Project. Helium One has paid US$1.5 million to Blue Star and fully fund

the drilling of six development wells (up to US$450,000 per well).

Five of the six well locations have been approved and permitted. The sixth well requires the

final form 2 approval which takes 15 to 30 days to obtain. Drilling is expected to start in Q1

2025, with first helium production anticipated in H1 2025."

I reckon Sunday, which is Monday, if you see what I mean!!

If Jackson 4 follows the same time scales as Jackson 31 then there could be a TD RNS first thing on Monday Morning so Friday could be a FOMO day!!

1) Ma State 16 well, Lincoln County

2) State 16 well, Galactica Project (ie HE1)

This was actually yesterdays news.

Just checked the last three years and no unaudited year end results have been issued in March, just the final audited results in May / June.

"Blue Star Helium certainly seems to a successful partner."

Yep - they certainly seem to know what they are doing which can only be good,

This from Blue Star ASX announcement 15 Nov, 24:

""Currently, the Company has 1 completed development well waiting for tie into production and an

inventory of 15 helium development well locations approved at Galactica/Pegasus""

Last word on the subject - bored now!!

Whistler / CrustyPete / Chesh

With re to number of wells this is what it says in the HeliumOne Annual Report 20 Nov 24:

"The initial programme will require the drilling of six development wells and is commencing in Q4 2024. Once these are complete, it is forecast that the sale of helium and CO2 from these initial wells, will generate sufficient cash to fund the drilling and tie-back of the remaining nine wells as the project is close to existing helium processing facilities, associated infrastructure and downstream users."

ST16 was drilled in May, 24

The HE1 RNS's that mention five additional wells appear to be only referring to the wells with permits granted so far.

Blue Star in their last quarterly report (Jan 25) were still stating that HeliumOne would be funding the drilling of six development wells, five approved and one not yet approved at that date.

Whistler51 - if you are looking in and further to my reply to you at 8.11:

From RNS 28 Aug,2024:

"With Helium Ones farm in we are excited to be drilling an additional six development wells following the successful drilling of the State 16 development well earlier this year."