Jackson-31 Intermediate Section Drilled

§ Casing and cementing currently in progress

§ Next steps will be to cement bond log ("CBL") then drill out into the targeted Lyons Sandstone Formation helium reservoir to drilling total depth ("TD")

The Company is pleased to announce that the intermediate hole section of the Jackson-31 SENW 3054 development well has been successfully drilled to 1,080 feet, and casing is now being run.

The photos above show drilling of intermediate hole section

After running casing, a CBL run will be undertaken to confirm good bonding, followed by further drilling into the target Lyons Sandstone Formation to planned TD at the base of the Upper Lyons Sandstone Formation (production hole section).

At TD, the well will be wireline logged after which a well head will be fitted to provide flow and pressure readings.

It is anticipated that, upon successful testing at Jackson-31, the well will be completed and ready to be tied-in to production facilities.

Galactica-Pegasus Development

The Galactica project forms part of the broader Galactica-Pegasus development, discovered by Blue Star in 2022. This large-scale project offers multiple potential product streams. Four existing helium discoveries at Galactica-Pegasus (JXSN-1 to JXSN-4) have delivered gas flows of 125 to 412 thousand cubic feet per day ("Mcfd") to 412 Mcfd with high helium concentrations of between 2.0% and 6.1%

Blue Star further appraised the discovery with the State-16 well which was drilled in June 2024. Independent engineering consultants advised that State-16 is capable of producing up to 441 Mcfd with more stabilised rates constrained for production optimisation, projected to be between 250 Mcfd and 350 Mcfd. The well tested 1.9% helium and logs identified 96+ feet of gas column in the Lyons Sandstone Formation.