Blue Star is set to commence drilling its first-ever helium exploration well in Colorado with drill pad construction for Enterprise 16#1 ready to roll.
The Enterprise 16#1 well is a key component of the company’s move to prove its Colorado assets host – and can produce – substantial amounts of helium, an already valuable and in-demand gas essential to a growing field of tech applications from manufacturing MRI machines through nuclear medicine to rocket construction, and space exploration.
Approval of the permit to drill (Form 2) is pending and expected to be received shortly.
Meantime, Blue Star Helium (ASX:BNL) notes planning for execution of the well is already highly advanced with drilling expected to begin promptly after receipt of the approved Form 2.
A helium resource so big it contains the best ships from Star Trek AND Battlestar Galactica
The company currently has an unrisked prospective helium resource of 13.4 billion cubic feet contained across its Galactica, Pegasus, Argo, Enterprise and Galileo prospects.
All prospects are located within the Lyons Helium Play Fairway that was proven by the Model Dome helium field which produced gas with grades of up to 8% helium and are also on trend with the Govt Cynthia True #1 well which flow tested 8.8% helium.
Although Enterprise will be the first dedicated helium well the Company has already had exploration success at two of its prospects with “Blue Star’s water well program continues to pay off with analysis of gas in the BBB-1 well in the Voyager prospect returning a helium concentration of 8.8%.” and “The water well program has identified free gas [in Hill#2 associated with the Enterprise prospect] in the Lyons formation which gives us great confidence heading into the Enterprise 16-1 drilling later this year.”
BNL Price at posting:
5.3¢ Sentiment: Buy Disclosure: Held
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