Logs Confirm High Concentration Helium Discovery At JXSN#4 Galactica/Pegasus

Blue Star Helium Limited (ASX:BNL) (Blue Star or the Company) provides an update on the JXSN#4 helium discovery well drilled on its Galactica/Pegasus prospect in Las Animas County, Colorado.

Highlights

• JXSN#4 helium discovery well log analysis confirms 233.5 ft gas column with 133.5 ft of net pay across the upper and lower Lyons.
• Comingled (upper and lower Lyons) gas samples most representative of reservoir gas have returned calculated air-free helium of 6.06%.
• Seven proposed development wells now in advanced stages of permitting to follow up four helium discoveries at Galactica/Pegasus.
• Results to be incorporated into updated resource declaration at Galactica/Pegasus.

JXSN#4 Log Analysis

The Company has now received and analysed the logs.

Analysis of the log data has confirmed intersection of the top of the Lyons formation at 753 feet measured depth and a gas column in high quality reservoir from the top of the Lyons formation to a depth of 986.5 feet (233.5 ft gas column) across the upper and lower Lyons sands.

Gross reservoir rock for both the upper and lower Lyons sands is 213 ft (to the base of log data) with net pay in the well of 133.5 ft.

There is a possible gas water contact and transition zone close to the base of the upper Lyons sand. This zone has not been included in the net pay calculation. There is a gas water contact in the lower Lyons sand at 986.5 feet.

Flow Data

The well was recorded flowing at 124.6 mcfd during drilling and sampling. Long term flow testing and clean up was not attempted in this well. Shut in pressures were the same as observed in the previous JXSN wells which flowed between 202 and 412 Mcfd.

Reservoir Gas Composition

Comingled (upper and lower Lyons) gas samples most representative of reservoir gas from two different analyses have returned calculated air-free helium of 6.06% and 4.20%.

Sampling during the overnight flow of the comingled upper and lower Lyons reservoir yielded 6.06% helium while an individual sample taken for lab analysis yielded 4.20% helium. Both are considered high concentration and are higher than helium content in the previous three discoveries on Galactica/Pegasus. These samples confirm the tenor of the previously announced composition from the upper Lyons of 6.5% in respect of a sample analysed at that time (see ASX announcement of 29 September 2022).

Summary of Galactica Pegasus Results

The three exploration wells drilled earlier this year at Galactica/Pegasus – JXSN#1, JXSN#2 and JXSN#3 – discovered significant helium bearing gas columns of up to 230 feet containing up to 3.14% helium (refer Table 1). These wells also proved the Company’s previous interpretations of gas on logs at historic wells, Denton B #1 and Colorado #B-1, also located on the Galactica/Pegasus structure.

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