Blue Star Helium (BNL.AX BSNLF)announced that the State 16 SWSE 3054 development well at its Galactica helium project in Las Animas County, Colorado, has been successfully drilled to its final total depth. The well encountered the Lyons formation at a depth of 1,111.5 feet and was completed at its planned TD at the base of the upper sand of the Lyons formation at 1,211 feet. No water was encountered during drilling. Wireline logs confirmed this and show approximately 96 feet of high-quality sands in the upper Lyons production section to be gas saturated. The well flowed naturally during drilling and has been cleaning-up since drilling operations were completed. The company is now to commence pressure and flow testing, including a pressure gradient test, followed by sampling and a pressure build-up test over a five-day period. Upon successful final testing and analysis, the well will be completed for tie-in to production facilities. Commercial discussions with interested buyers have been ongoing since Q4 2023.
BNL Price at posting:
1.0¢ Sentiment: None Disclosure: Held
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