Oilman Jim's Letter - March 31, 2025

HyTerra (HYT.ASX HYTLF 8TP0.F) announced that gas sample analyses from the Hoarty NE3 well showed helium concentrations up to 12.8% and hydrogen levels reaching 44%. Samples were collected during the 2022 swabbing and 2023 ESP testing programs and analyzed by Isotech Laboratories. The data was validated through a joint review between HyTerra and Natural Hydrogen Energy. Per the company, further assessment is required to better understand flow potential and the economic viability of the project…more

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced that the Jackson 29 well has spudded at the Galactica helium project in Las Animas County, Colorado. The shallow conductor section has been completed with BOPs installation and testing underway. Next phase will drill the intermediate section targeting the Lyons Formation, with planned wireline logging and production measurements. The well is part of the broader Galactica/Pegasus development, which includes multiple discoveries and a joint venture funding element. Separately, Helium One announced that it has accepted a 480 km2 mining licence for the Southern Rukwa Helium Project in Tanzania. The company has received an approved Environmental Impact Certificate following a completed ESIA review and paid the first annual licence fee with formal award and regulatory agreements anticipated…more…more…more

88 Energy (88E.ASX 88E.L EEENF POQ.F) announced that it has received a final payment of US $2.2 million from Burgundy Xploration, following an earlier $1 million receipt, strengthening its balance sheet. Settlement clears the residual balances for the Hickory-1 flow test expenditure under a Farmout Participation Agreement. The enhanced cash position now exceeds A$10 million, supporting the procurement and planning for a 2026 horizontal well programme. The upcoming transition of operatorship to Burgundy allows 88 Energy to focus on advancing Project Leonis…more

Thor Energy (THR.L THR.ASX THORF T5M.F) announced a maiden natural hydrogen and helium prospective resource at the HY-Range Project. An independent assessment at the project (RSEL 802) shows prospective estimates for helium and natural hydrogen, with 2U unrisked prospective resources at 90 billion cubic feet of helium and 842 billion cubic feet of hydrogen. The project licence in South Australia is located in a regionally scarce, highly prospective hydrogen and helium fairway. Resource estimates were derived using probabilistic methods and are presented on an unrisked basis, require further exploration appraisal to confirm viability. The company holds an effective 80.2% net interest, and its management plans to accelerate further exploration and appraisal programs…more

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