Blue Star keeps up blistering helium exploration pace with fourth Galactica/Pegasus well
Blue Star is looking to make it four from four with the spud of the JXSN#4 helium exploration well at its Galactica/Pegasus prospect within Colorado’s Las Animas County.
All three of the previous wells discovered significant helium-bearing gas columns, which topped up 230ft (70.1m), and helium content of up to 3.14%.
Importantly, JXSN#1, JXSN#2 and JXSN#3 also proved Blue Star Helium’s (ASX:BNL) previous interpretations of gas on logs at the historical Denton B #1and Colorado #B1 wells, which are also located on the Galactica/Pegasus structure.
JXSN#4 is a step-out well designed to test the structural and stratigraphic prospectivity of the area about 1.7 miles (2.7km) northwest of the JXSN#1 discovery well.
The plan going forward is to stratigraphically locate the top of the upper Lyons sand in this undrilled part of the structure and evaluate the reservoir.
It is the latest entrant in their exploration program, which sees the company funding water wells if the rancher selects a location that may be of interest.
In return, the rancher will allow the company to obtain any available data from the well.
Blue Star also has approvals to drill up to four development wells at the Galactica/Pegasus area with another seven in process and a further eight soon to be submitted following up on the discovery wells.
This article was developed in collaboration with Blue Star Helium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.