Blue Star Helium Limited (AU:BNL) has released an update.
Blue Star Helium Limited has announced its intent to drill a maiden helium development well at the Galactica/Pegasus project in Q2 2024, with plans funded by existing cash reserves and various commercialization pathways being explored. Despite the Voyager wells showing low flow and pressure, further evaluation confirmed the potential of the Lyons reservoir, leading to a reconsideration of the highest-returning capital allocation for the company. Blue Star remains financially robust, with a quarter-end cash balance of A$3.714 million and no debt.
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