Blue Star Helium reported Q1'24 results, highlighting key developments and future plans. The company is set to drill its maiden development well at the Galactica/Pegasus project in Q2'24, funded by existing cash reserves, with potential CO2 product streams being explored. The project's feasibility is supported by high helium concentrations in the JXSN exploration wells and successful nearby commercial activities. However, Voyager development wells showed low flow and pressure, leading to a reconsideration of investment there despite confirming the Lyons reservoir's flow potential on compression. With a healthy cash balance of A$3.7mm and no debt, Blue Star is evaluating alternative commercialisation paths for its substantial helium resources.
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