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Blue Star Suspends Voyager and Pursues Galactica/Pegasus

After disappointing results on its Voyager project Blue Star has suspended development due to lower expected returns compared to other portfolio projects. Instead, Blue Star has decided to advance its Galactica/Pegasus project in Las Animas County, Colorado. The Gal/Peg project is set for drilling this quarter, with funding from existing cash reserves. The drilling site, State 16 SWSE 3054, has been prepared in collaboration with the landowner, with construction for the pad and access upgrades scheduled to start this week. The Gal/Peg project benefits from significant geological de-risking, evidenced by high helium concentrations (2.0 - 6.1% He) from its JXSN#1, #2, #3, and #4 wells, and the successful commercialisation of the nearby Red Rocks helium project. Furthermore, discussions are ongoing to monetise the CO2 by-product, with plans for development configuration and commercial strategies to be finalised and announced soon.

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