- Blue Star Helium (BNL) has almost tripled its P50 total resource after announcing a new prospective helium resource at its Colorado prospects
- The company evaluated the Galactica, Pegasus and Argo prospects in Las Animas County region as part of the prospective resource estimate
- Results from all three prospects total 6.1 billion cubic feet of P50 unrisked prospective helium resource, increasing the total amount for all five prospects in Las Animas by 175 per cent to 9.6 billion cubic feet
- Blue Star is now planning an initial three to five well drilling campaign to maximise the prospective resources being tested
- On the market this morning, Blue Star is up 4.88 per cent and is trading at 4.3 cents per share
Blue Star Helium (BNL) has almost tripled its P50 total resource after announcing a new prospective helium resource at its Colorado prospects.
The company has revealed an independent prospective resource evaluation, completed by Sproule, for the Galactica, Pegasus and Argo prospects in Las Animas County region of Colorado.
Results for all three prospects total 6.1 billion cubic feet of P50 unrisked prospective helium resource.
This has resulted in Blue Star’s total P50 prospective helium resource increasing 175 per cent to 9.6 billion cubic feet across five prospects in the Las Animas portfolio.
Notably, all three prospects lie within the proven helium play fairway.
“This almost triples our total resource which, together with the interpretation of gas columns at two historic wells within the Galactica and Pegasus prospects, is hugely supportive of our planned drilling program,” Managing Director Joanne Kendrick said.
Blue Star is now planning an initial three- to five-well drilling campaign to maximise the prospective resources being tested.
The company is confident based on the work done to date on the prospects that the chance of development is high.
Last December, the company acquired a series of new leases in the region, expanding its upcoming mining projects by 40,000 acres.
However, it is important to note that these newly won leases are not included in this resource.
“We will continue to secure additional acreage within the prospect areas and look forward to the issue of the recent leases won at the December 2020 Bureau of Land Management auction at which stage we will be updating the prospective resource across these prospects,” Joanne explained.
On the market this morning, Blue Star is up 4.88 per cent and is trading at 4.3 cents per share at 11:57 am AEDT.