Mine.. keep in mind these are quick reviews, and as it's late, I...

Mine.. keep in mind these are quick reviews, and as it's late, I have not verified the numbers I'm just working the thread of reports with the little black box of tricks.

Key Points Comparison: Recent vs. Previous Reports

Recent Report (27 May 2024)

State 16 Well Drilled to TD with Logs Confirming Gas

• Drilling Completion: The State 16 SWSE 3054 well at the Galactica project has been successfully drilled to total depth (TD) of 1,211 feet.
• Gas Confirmation: Wireline logs confirm the presence of approximately 96 feet of high-quality gas-filled sandstone in the Lyons formation.
• Well Flow: The well is naturally flowing and in the process of "cleaning-up" (removing drilling gas to reach reservoir gas conditions).
• Forward Operations: Include pressure gradient testing, flow testing, gas sampling, and pressure build-up tests over a five-day period.
• Commercial Discussions: Ongoing with potential buyers since Q4 2023.

Galactica/Pegasus Discoveries

• Reiterates the high helium concentrations and successful flow rates from exploratory wells JXSN#1 to JXSN#4.
• Highlights the de-risking of the project through geological data and the successful commercialization of the adjacent Red Rocks helium project.
• Development Pathways: Multiple options under review, including a leased plant and third-party operated facilities, with potential CO2 production streams.

Previous Report (17 May 2024)

Forward Drilling Operations

• Projected Timeline: Drilling to TD in the Lyons reservoir was projected to take 5-7 days, followed by wireline logging and flow/pressure testing for an additional 5 days.
• Expected Outcomes: Successful testing would lead to the well being completed and ready to tie-in to production facilities.

Galactica/Pegasus Project

• Drilling Preparation: The maiden helium development well at Galactica/Pegasus was on track for drilling this quarter.
• Site Preparation: Inspection and access agreement with the landowner, and construction crew engaged for pad and access upgrades.
• Exploratory Wells Data: Similar high helium concentrations and flow rates as mentioned in the recent report.
• Development Pathways: Potential commercialization through a leased plant and third-party operated options, with ongoing engineering and market work to refine development configurations.

Voyager Project

• Revised Strategy: Existing development plan no longer expected to be the highest-returning allocation of capital, with other potential pathways under consideration.
• Further Evaluation: Ongoing remapping and analysis to identify new prospective areas for future drilling.

Comparison and Analysis

1. Progress and Milestones:
   • The recent report confirms the successful completion of drilling to total depth and the presence of gas, a significant advancement from the previous projection of drilling completion.
   • The well is in the process of flow and pressure testing, with detailed forward operations outlined, indicating progress towards production readiness.
2. Data Confirmation:
   • The presence of 96 feet of gas-filled sandstone in the Lyons formation was confirmed by wireline logs in the recent report, providing more concrete data compared to the projected outcomes in the previous report.
3. Commercialization Efforts:
   • Both reports highlight ongoing commercial discussions and potential pathways for development, but the recent report underscores specific testing and data analysis steps to facilitate these efforts.
4. Project De-risking:
   • Consistent emphasis on the de-risking of the Galactica/Pegasus project through geological data and neighboring project successes in both reports.
5. Voyager Project:
   • The Voyager project was not mentioned in the recent report, indicating a possible shift in focus towards the more immediate and advanced developments at Galactica/Pegasus.

Conclusion

The recent report from May 27, 2024, marks a significant progression in Blue Star Helium's operations, with successful drilling to total depth and confirmation of gas presence. The detailed forward operations for testing and commercialization indicate a strategic move towards production. This contrasts with the projections and preparatory updates provided in the previous report from May 17, 2024, showcasing tangible advancements in the company's key project, the Galactica/Pegasus development.