Blue Star Helium’s exploratory water well program continues to prove its worth as one of its wells, JXSN#3, intersected a larger than expected gas column with a helium concentration of 2.14%. The well, located outside the P50 prospective resource contour at Galactica, confirmed that the prospect represents a significant structural closure on the incredible structural high. JXSN#3 also achieved a flow rate consistent with the data reported from the historical Model Dome helium field.

After this height, Blue Star trading was up by almost 14% to 3.3 cents, with more than 19 million shares changing hands. Previous exploratory water wells drilled by Blue Star Helium (ASX: BNL) had also been promising as they proved their worth, with the first well confirming a significant gas column (134ft) having an 8.8% helium concentration, similar to the well located in Model Dome. 

Managing Director of Blue Star, Trent Spry, said, “We are happy to confirm high helium concentrations from the JXSN#3 well to round out an exceptionally successful initial exploratory water well program at our Galactica/Pegasus prospects which saw high helium concentrations being discovered in each of the three wells drilled. The gas column in JXSN#3 is located outside the Galactica P50 prospective resource contour and is larger than expected.” 

He said, “JXSN#3 is located approximately 6.4 miles southeast of the Dento B#1 well, where Blue Star had previously interpreted gas to be present on historical logs. These two wells show that the Lyons formation is helium bearing across a large part of the Galactica structure where Blue Star has a dominant/extensive acreage coverage.”

The price of helium was recently reported to be up to US$600 per thousand cubic feet by several commentators. Anecdotal spot helium sells between US$2,000 and $3,000 per thousand cubic feet. Spry also revealed that the company is planning another project with their consulting engineers preparing a development plan for helium prospects in Las Animas.

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