Blue Star Helium reported its Q2'24 results highlighting the progress at the Galactica/Pegasus and Serenity prospects. The State 16 SWSE 3054 well at Gal/Peg confirmed a helium discovery with concentrations up to 1.90%, achieving peak flow rates of 313mcf/d and stabilising at 285mcf/d. The project’s revenue potential is enhanced by plans to monetise CO2, which constitutes up to 70% of the raw gas. At the Serenity project, Blue Star increased its ownership to 100%, securing high-grade CO2 concentrations (98-99%) without additional cash or scrip outlay. A low-capex, small-scale production facility has been selected to produce over 20t/d of beverage-grade CO2, with initial output targeted for H1'25. Blue Star ended with the quarter with a cash balance of A$1.2mm and zero debt.
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