Bluejay Mining Acquires White Flame Energy for Helium and Hydrogen Assets
Key Ideas
- Bluejay Mining acquires 51% of White Flame Energy with an option for the remaining 49%, valuing White Flame at £2,750,000.
- The Jameson Land Project in East Greenland holds licenses for exploration of highly prospective areas for helium, white hydrogen, and other industrial gases.
- The acquisition is seen as value accretive for Bluejay shareholders and has potential for significant resources estimated in billions of barrels of oil equivalent.
- The project has no immediate expenditure requirements, allowing for an option study to plan future drilling and development strategies.
Bluejay Mining has announced the acquisition of White Flame Energy Ltd in two tranches, starting with 51% of the issued share capital for £1,402,500 in Bluejay shares. The company will have a 3-year option to purchase the remaining 49%. The acquisition values the total issued share capital of White Flame at £2,750,000. White Flame Energy holds three granted exploration and exploitation licenses adjacent to Pulsar Helium's Tunu project, covering 8,429 km² in the Jameson Land Project in East Greenland. The project has been the subject of extensive study, with approximately US$125m spent on seismic surveys, airborne surveys, and feasibility studies. The area is highly prospective for helium, white hydrogen, natural gas, and liquid hydrocarbons. The acquisition is believed to be value accretive for Bluejay shareholders. The project has no immediate expenditure requirements, allowing for an option study to determine the best path forward for drilling and development. This acquisition provides Bluejay Mining with a strategic entry into a vast natural and industrial gas field with significant potential for resources.