Jackson-27 Well Drilled to TD & Free Gas Confirmed

§ Jackson-27 well successfully drilled to total depth ("TD") of 1,183ft (360m) measured depth ("MD") with free gas confirmed by wireline logs

§ Well flowed naturally during drilling and at TD, demonstrating good reservoir communication

§ The well encountered 60ft (18m) gross pay of high-quality (22-26% porosity based on petrophysics from offset wells JXSN-1,-2,-3,-4 and Sate-16), gas-saturated sands in the Upper Lyons Sandstone Formation

§ Samples sent to laboratory for analyses of helium and CO2 concentrations

§ Well head being installed ahead of surface pressure readings and flow testing

Lorna Blaisse, Chief Executive Officer, commented:

"Jackson-27 is the fourth well in this development drilling campaign and we are pleased with the results to date. Seeing these wells perform consistently, with good flow rates and helium concentrations, supports strong reservoir connectivity and excellent reservoir quality in the Lyons Sandstone Formation across the Galactica Project. We look forward to continuing this drilling campaign with Blue Star as we advance towards production."

Jackson-27 Well Drilling and Initial Flow Test Results

The Jackson-27 SESW 3054 development well encountered the Lyons Formation at a depth of 1,123ft (342m) MD and was completed 60ft (18m) into the Upper Lyons Sandstone Formation at 1,183ft (360m). The well exhibited strong natural flow during drilling and at TD, in line with the recent Jackson-29, Jackson-31 and Jackson-4 wells.

Significantly, no water was encountered during drilling of the Lyons Sandstone Formation and wireline logs confirmed this. Based on offset wells, it is likely that the entire Upper Lyons Sandstone Formation, and a significant portion of the Lower Lyons Sandstone Formation will be gas saturated. Jackson-27 targeted the highest quality sandstone at the top of the Upper Lyons Sandstone Formation, which is connected to the entire gas column.

It is anticipated that, upon successful testing at Jackson-27, the well will be completed, ready to be tied-in to production facilities.

The rig will soon be mobilised to the Jackson-2 L4 3154 well location where pad construction is underway.

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. Blue Star is advancing the Galactica project in joint venture with Helium One Global Ltd. Under the farm-in agreement, Helium One will fund the first US $450,000 of this well.