- Blue Star Helium (BNL) makes multiple helium discoveries at the Galactica and Pegasus prospects in Las Animas County, Colorado
- Helium was discovered in all three of the exploratory water wells drilled and while all results are yet to be received, up to 3.14 per cent helium has been discovered so far
- The flow rates exceeded 400 thousand cubic feet per day which is consistent with data from the historical Model Dome field
- Independents geological and engineering consultants Sproule has been engaged to upgrade the resource estimates for both Galactica and Pegasus
- Shares in Blue Star are up 10.3 per cent and were trading at 3.2 cents at 11:53 am AEST
Blue Star Helium (BNL) has made multiple helium discoveries at the Galactica and Pegasus prospects in Las Animas County, Colorado.
Helium was discovered in the JXSN#1, JXSN#2 and JXSN#3 exploratory water wells with JXSN#1 yielding up to 1.98 per cent helium and JXSN#2 yielding up to 3.14 per cent helium.
Samples from JXSN#3 are currently being analysed at the lab and will be reported on in due course and Blue Star expects samples to be in the range of two to three per cent helium.
The flow rates exceeded 400 thousand cubic feet per day which is consistent with data from the historical Model Dome field.
Independent geological and engineering consultant Sproule has been engaged to upgrade the resource estimates for both Galactica and Pegasus.
A further four helium well drilling applications are currently pending Colorado Oil and Gas Commission (COGCC) and if approved, will be drilled as follow-ups to these discoveries.
Additionally, an extra 29 wells are in various stages of the permitting pipeline.
“Our initial exploratory water well program at our Galactica/Pegasus prospects has been very successful with helium being discovered in each of the three wells drilled,” CEO and Managing Director Trent Spry commented.
“Identifying helium bearing gas reservoirs with three per cent helium is a high concentration result. It is well within the range of helium grades we can expect within the vast Lyons helium play fairway in Las Animas, which spans some 4000 square miles (2.6 million acres).”
Shares in Blue Star were up 10.3 per cent and were trading at 3.2 cents at 11:53 am AEST.