Blue Star H1'23 Results
- AKAP
- Sep 8, 2023
- 1 min read
During H1'23, Blue Star made significant progress to the path to commercialise the Voyager prospect. The company executed an agreement with IACX Energy to develop a pressure swing adsorption facility for helium recovery at the Voyager project, which is expected to take in 2mmcf/d of raw gas and recover 90% helium with a purity of 98%. Raw gas from the voyager prospect is expected to hold 8% helium. Blue Star also received approvals for drilling the BBB 33#1 and the BBB 34#1 wells. The company currently plans to sell its Voyager output into the spot and short-term contract markets where helium is priced at US$450-US$3,000/mcf. Blue Star attained 3 approvals relating to three proposed helium development well locations – Jackson #01, Jackson #02 and Jackson #03 on the Galactica/Pegasus development project. Lastly, Blue Star ended the half year with a net loss of A$1.8mm, cash position of A$3.8mm, and total assets worth A$17.4mm.