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Blue Star Helium Ltd (ASX:BNL) has identified a “significant” material increase in helium concentrations at its State 16 well, with nitrogen and carbon dioxide also detected.
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Samples from the development well – part of the wider Galactica project in Colorado – showed helium concentrates measured at 2.17%; a notable rise from the previously reported non air-corrected average, 1.65%. Alongside this, nitrogen was measured at 36.26% and carbon dioxide at 61.56%.
Sampling work also indicated well head pressure was 10 psig, with this being the highest observed at State 16 to date – underlining encouraging reservoir connectivity.
Managing director and CEO Trent Spry said these recent results added confidence in the wider Galactica project. “While we await gas analysis from the recent Jackson 31 well, this significant increase in helium concentration at State 16 is a very encouraging development,” the Blue Star boss explained.
“The higher helium percentage, combined with the increased well head pressure, reinforces our confidence in the potential of this reservoir.
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“We believe these results bode well for our broader portfolio and validate our ongoing
development strategy.”
Blue Star shares have been trading at 0.8 cents today.
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