Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Big Star Energy will raise nearly $600,000 to expand as a U.S. helium producer
  • The company is scouting prospects in Utah, Colorado, Arizona and New Mexico
  • The company says historically in these states helium comes in high concentrations
  • So far Big Star has identified 30 potential prospects
  • Big Star’s share price is up 20 per cent today, currently sitting at 0.6 cents per share

Big Star Energy is set to raise nearly $600,000 to increase its presence as a U.S. helium producer.

At 0.5 cents per share, the company is looking to shareholders to raise the maximum amount which is allowed under Big Star’s placing capacity.

Western Australian based investment company Pamplona is the lead manager for the placement.

Big Star is focusing on finding prospects in Utah, Colorado, Arizona and New Mexico. According to the company, helium has historically been produced in high concentrations here, between two and 10 per cent of the raw gas stream.

Over 30 prospects have been identified through the company’s prospect generation programme

“I want to thank new and existing shareholders as well as Pamplona for their strong support of this placement,” Managing Director of Big Star Joanne Kendrick said.

“Our helium leasing program is now funded through our targets of 25,000 gross acres and 15,000 net acres,” Joanne continued.

It is expected drilling will soon commence to drill five wells testing five helium prospects.

Big Star’s share price is up 20 per cent today, currently sitting at 0.6 cents apiece at market close.

BNL by the numbers
More From The Market Herald
The Market Herald Video

" Metgasco (ASX:MEL) and Vintage Energy (ASX:VEN) JV receive ministerial approval for PRL 211 acquisition

Joint Venture parties Vintage Energy (ASX:VEN), Metgasco (ASX:MEL) and Bridgeport have received ministerial approval to acquire Beach…

" Beach Energy (ASX:BPT) grows revenue despite production fall

Beach Energy (BPT) has seen its quarterly production fall seven per cent to 5.3 million barrels…
Beach Energy (ASX:BPT) - CEO, Morné Engelbrecht

" Beach Energy (ASX:BPT) appoints Morné Engelbrecht as CEO

Following an extensive international recruitment process, Beach Energy (ASX:BPT) has appointed Morné Engelbrecht as Chief Executive…

" Beach Energy (ASX:BPT) profit jumps 66pc in first half of FY22

Beach Energy (ASX:BPT) has seen its profit jump 66 per cent to $213 million for the…