Blue Star Helium (“BNL”) has produced its first helium at Galactica from the Pinon Canyon plant and is on track to become one of the first listed helium companies to produce commercial volumes. We have increased our Galactica valuation on the back of lower-than-expected initial decline rates (based on adjacent Red Rocks performance) and an increase in the amount of helium produced at plateau. We now expect the wells to deliver relatively flat output for ~30 months, followed by a modest ~4% decli ....
