Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2011material agreement▲ Good
Blue and Stanwell agreed minor amendments to the 2008 Gas Development Alliance Agreement (up to 8.5PJ a year, up to 25 years). This lets Blue restart exploration in ATP854P, with more core wells and stimulation of the Cerulean 2 pilot well planned.
24 June 2011drilling progress report● Neutral
Monslatt 5P is pumping about 60 barrels a day of gas-cut water, and a blockage in the Monslatt 8H lateral was flushed. Clay damage studies are changing completion plans. New Monslatt and Sapphire wells and 60km of seismic are planned, hoped to start early August. Still no stabilised gas rates.
24 May 2011material agreement▲ GoodMajor
Blue signed a non-binding MOU with an international electricity generator to supply 6-10PJ a year for 15-20 years from ATP814P for power generation. First gas-sales step; the company says it gives the economic framework to book reserves, but it is not binding.
1 Apr 2011capital raising announcement▲ GoodMajor
Blue placed 75 million shares at $0.08 to three institutions, raising $6 million, to fund establishing gas flows at Monslatt, Central and Sapphire. Mathews Capital Partners becomes a substantial holder above 5%. First raising flagged as open in the funding thread.
What it means for a shareholder
75.0m new shares at A$0.080 to raise about A$6.0m. That's 86% dilution: every existing holder's slice gets 86% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.1% to 0.0143% of the company. To keep it you'd need 75,000 more shares - about A$6,000 at the issue price.
Create a free account to see this worked out for your own holding.
22 Mar 2011drilling progress report▼ Bad
A prolonged wet season keeps interrupting dewatering at Monslatt 4, 5P and 7; Monslatt 6 is still inaccessible. Monslatt 7 has produced water and gas but no stabilised rates. A separate Central and Sapphire pilot program is planned for the dry season.
15 Mar 2011half year report● Neutral
Half-year report to 31 Dec 2010 largely repeats the operations known: flood and cyclone delays, Monslatt pilot wells moving to production testing, Sapphire 3 and Kerlong 1 results, and Maryborough native title agreements awaiting government approval. Financial figures were not in the supplied text.
11 Mar 2011resource reserve update▲ GoodMajor
NSAI raised ATP814P 3C contingent resource about 60% to 2,063PJ recoverable (7,018PJ gas in place), adding 768PJ recoverable from the Sapphire and Central Blocks to Monslatt's 1,295PJ. Central Fort Cooper coals add 192PJ recoverable prospective resource.
7 Mar 2011admin correction● Neutral
Computershare notice that its Brisbane office moves address on 7 March 2011; Blue is on the affected client list. Administrative only, no substance for the company.
4 Mar 2011other▼ Bad
S&P index notice: Blue Energy (BUL) is among companies removed from the All Ordinaries index, effective after close on 18 March 2011. Blue had already left the S&P/ASX 300 in March 2010.
4 Mar 2011other▲ Good
Blue settled the BBY Limited NSW Supreme Court claim (previously stated at $2.082m) on confidential terms; proceedings are to be dismissed on 8 April 2011 with no order as to costs. Settlement amount not disclosed.
1 Mar 2011security holder rights change● Neutral
Blue agreed to extend KOGAS's farm-in option over ATP813P and ATP814P from 28 Feb 2011 to 28 Feb 2012, at KOGAS's request after flood and cyclone delays. This defers the decision thread previously due in February 2011.
15 Feb 2011drilling progress report● Neutral
After a cyclone Yasi pause, testing resumed: Monslatt 7 and 5P are dewatering and Monslatt 4 is completed, including an untested Goonyella coal seam. Tests over coming weeks will feed NSAI's reserve verification. No flow rates yet.
11 Jan 2011drilling progress report● Neutral
Completions restarted after flooding; access restored to all Monslatt wells except Monslatt 6. Monslatt 5 is being prepared for water-jetted short laterals, and pilot production testing at Monslatt 7 (linked to the 8H lateral) is due to start within the week. No gas rates yet.
21 Dec 2010other● Neutral
Updated securities trading policy (issue 2, December 2010) restricting directors' and staff dealing in company shares. Administrative, no operational or financial substance.
8 Dec 2010drilling progress report▼ Bad
Heavy rain in Central Queensland has deferred completion of the Monslatt pilot wells, with no damage. The completion rig resumed at Monslatt 7; radial drilling equipment is on site but also weather-exposed. Delays the reserve certification path.
3 Dec 2010investor presentation● Neutral
Conference presentation largely repeating known facts: Monslatt 2C 1,206PJ and 3C 1,937PJ, 1,295PJ implied recoverable, cash $18m, market cap $71m. Monslatt pilot wells are still awaiting completion; plans include reserve certification and gas sales agreements.
30 Nov 2010farm in farm out completion▲ Good
Adelaide Energy completed buying the main Maryborough permit, ATP 613P, from Magellan; the other two permits are expected to follow. Blue carries Adelaide through a 9-hole program, with Adelaide ending on 25%; work is to start in 2011. This is Adelaide's announcement, not Blue's.
19 Nov 2010other● Neutral
Shareholder register as at 31 October 2010: 647.5m shares, 6,243 holders. ANZ Nominees 17.75%, Stanwell 13.49%, KOGAS 9.71%. Administrative disclosure with no new event.
16 Nov 2010investor presentation● Neutral
MD's AGM presentation repeats known facts: 17 wells drilled in 2010, Monslatt 3,143PJ contingent and 3,630PJ shale resources, cash $18m, market cap $81m. Priorities are establishing 2P reserves, gas offtake deals and resolving legal issues.
10 Nov 2010drilling result▲ Good
Monslatt 8H lateral reached 1,179m, intersected the Monslatt 7 well and found 340m of gas-saturated net coal in the P seam. Next are completions and pilot production testing, plus radial drilling from 19 November. No gas rates yet.
28 Oct 2010drilling progress report▼ Bad
Monslatt 8H lateral hit hole instability in the P seam, with drill pipe left down hole at about 942m; a sidetrack is being drilled. A radial drilling trial on Monslatt 4 and 6P is planned for mid-November.
5 Oct 2010drilling progress report● Neutral
Monslatt 8H lateral spudded 25 September; vertical scouting hole at 489m confirmed the P seam at 7m thick. About 20 days of drilling remain excluding weather. No flow results.
22 Sept 2010annual report● Neutral
2010 annual report: cash $27m at 30 June, 17 CSG wells drilled, 2C 1,206PJ and 3C 1,937PJ. First reserve certification expected December quarter 2010. Outlook: 2P/3P reserves, gas sales agreements, Monslatt production licence and CNG/LNG work.
17 Sept 2010flow test result● Neutral
Air drilling finished on Monslatt 6P (15,000 scf/day) and Monslatt 7 (7,000 scf/day), both saturated but modest. Monslatt 5P is being prepared for completion. Monslatt 8H lateral to intersect Monslatt 7 starts this weekend, about 3 weeks.
27 Aug 2010flow test result▲ GoodMajor
Monslatt 6 P seam flowed gas to surface at about 15,000 scf/day, a modest rate but showing the seam is gas saturated. A lateral well is planned for September. NSAI says it may certify 2P reserves once an economic flow rate is established.
6 Aug 2010resource reserve update▲ GoodMajor
NSAI upgraded Monslatt: 2C rose to 1,206PJ from 121PJ, 3C fell to 1,937PJ, total contingent 3,143PJ (from 3,532PJ), with 1,295PJ recoverable. Also discloses a BBY claim for $2.082m, which Blue denies, and confirms Odin mediation failed and Stanwell's escrow ended.
3 Aug 2010other▼ Bad
Odin Energy says mediation with Blue and Drillsearch ended unresolved and it will pursue Blue for $4.5m plus interest and costs, possibly over $6m. This continues the dispute from the terminated 2008 Odin farm-in.
22 July 2010drilling progress report● Neutral
Sapphire 3 finished at 627m with 35m net coal and was plugged. Monslatt 6 (520m) and new Monslatt 7 (459m) are cased awaiting an air rig to drill the P seam. Kerlong 1 in the Central Block spudded 19 July, at 87m.
21 July 2010listing compliance notice▼ Bad
Blue answered an ASX query over John Phillips' Appendix 3X director interest notice being lodged late after his 28 June appointment. It blamed an oversight, said no interests were undisclosed and says processes are improved. Administrative.
14 July 2010director officer appointment● Neutral
CFO Stuart Owen is also appointed Company Secretary, assisted by Drew Speedy. Damien Cronin, the previous secretary, stays as Company Solicitor. Administrative change only.
