- Blue Star Helium (BNL) has completed drilling the BBB#1 water well, with analysis of the gas showing an air-free gas composition of 8.8 per cent helium
- BBB#1 is part of the company’s wider water well program it’s completing in the US state of Colarado, with the first well drilled by the ranch owner
- Analysis of the drill data confirms it intersected the top of the Lyons formation with a gas column between 888 feet depth to 922 feet final depth
- Additionally, the composition of the samples shows similarities to the nearby historic Model Dome helium field, which produced average helium content of 8 per cent
- Shares in BNL have jumped up 13.2 per cent during afternoon trade to 6 cents per share
Blue Star Helium (BNL) reports a high concentration of helium was identified during recent drilling of the BBB#1 water well in the US.
BBB#1 well is located in Las Animas County, Colorado, and forms part of the company’s wider water well program.
The well was drilled by the Ranch owner to a final depth of 922 feet with gas logging, mud logging and geological sampling all collected.
Analysis of all of the data has resulted in calculated air-free gas composition of 8.8 per cent helium, 78.7 per cent nitrogen and 12.5 per cent carbon dioxide.
It also confirmed drilling successfully intersected the top of the Lyons formation with a gas column located between 888 feet depth to 922 feet depth.
Notably, BNL said the composition of the samples shows similarities to the nearby historic Model Dome helium field, which produced average helium content of 8 per cent.
Blue Star Managing Director and CEO Trent Spry said he was very excited by the results, which validate the company’s exploration techniques.
“The whole Blue Star team is incredibly proud of this result. This result proves that gas is trapped in the Voyager prospect and is a strong validation of that interpretation and our prospect mapping,” he said.
“Encouragingly we have also interpreted gas from historic well data in the Argo, Galactica and Pegasus prospects, which we have yet to confirm with new drilling activity and data.”
Blue Star helium has jumped up 13.2 per cent to trade at 6 cents each at 2:42 pm AEDT.