Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2013resource reserve update▲ GoodMajor
Contingent resources (3C) rose 25% to 3,481PJ after NSAI review. Monslatt rose to 1,711PJ, Lancewood received a maiden 439PJ, and ATP854P received 103PJ. Reserves are unchanged from the February figures of 50PJ 2P and 180PJ 3P.
27 Feb 2013half year report● Neutral
Half-year report to 31 December 2012. Monslatt flow rates are still below commercial levels, Sapphire 4 is back on test after stimulation, and Monslatt 5P testing is suspended. Georgina talks with traditional owners are starting. Financial statements are not covered in the text provided.
26 Feb 2013resource reserve update▲ GoodMajor
Blue booked maiden 2P reserves of 50PJ and lifted Sapphire Block 3P reserves 140% to 180PJ from 75PJ, per NSAI's annual review. The pilot wells have not yet reached commercial rates, so this is a certification gain. Other ATP814P blocks are to follow.
14 Feb 2013director officer appointment● Neutral
Jooho Maeng of KOGAS Australia joined the board on 12 February 2013, replacing Heung-Bog Lee, who resigned after a three-year secondment. KOGAS keeps its board seat, consistent with its earlier ATP814P farm-in interest.
29 Jan 2013quarterly activities report● Neutral
December quarter: cash was $17m, down from $20m. Sapphire 4 fracture stimulation was only partly successful and the well is back on test, while Monslatt flows have not materially risen. Cost cuts of up to $1.5m a year are reported, and Cooper Basin grant is expected soon.
10 Jan 2013regulatory community update▲ GoodMajor
Maryborough permits ATP674P and ATP733P (2,584km2) were granted, lifting the joint venture with Beach Energy to 2,984km2. Blue is earning a 75% interest and operates the farm-in work program. This resolves the pending grant thread; no gas has been found yet.
10 Jan 2013other● Neutral
2,000,000 employee incentive options expired on 2 January 2013. Administrative notice with no operational or financial substance.
15 Nov 2012investor presentation● Neutral
AGM presentation by the Managing Director restating known points: no commercial gas rates yet from the four pilot wells, 75PJ 3P, 20m cash at 30 September, 13 employees and a goal of 1,000PJ of added 3P. Sapphire 5 drilling is planned. Largely repeats earlier information.
15 Nov 2012agm notice● Neutral
Chairman Ellice-Flint's AGM address on gas demand, heavy regulation of exploration, and a strategy of either using Blue's capital or farming out assets. He says Blue should keep operatorship where appropriate. No new results or figures.
26 Oct 2012quarterly activities report● Neutral
September quarter: cash was $20m. Sapphire 4 flows gas below commercial rates and a fracture stimulation is due end October. Monslatt 5P was shut in with no sustained gas. Blue plans to farm down its shale blocks and signed Cooper Basin native title agreements. The Odin dispute settled.
10 Oct 2012director officer appointment● NeutralMajor
Chairman Peter Cockcroft stood down immediately and will retire from the board on 31 December 2012. John Ellice-Flint becomes interim Chairman and Rod Cameron Deputy Chairman. Paul Massarotto retires at the 15 November AGM. KOGAS waives its nominee's director fees as part of cost savings.
3 Oct 2012investor presentation● Neutral
Presentation on the Southern Georgina Basin permits (21,300km2, 100%, preferred tenderer). It cites adjacent Petrofrontier and Statoil activity, including an Owen 3H well 7km away with oil shows. No new Blue results. Native title and environmental approvals are still needed.
21 Sept 2012other▲ GoodMajor
Blue confirms the mediated, confidential settlement of Odin's 2008 Federal Court claim over the Spinel Block, PEL 106, with proceedings dismissed. This closes the $4.5m-plus claim. Settlement cost is not disclosed.
21 Sept 2012other● Neutral
Odin Energy announced a confidential mediated settlement of its Federal Court case against Blue over the Spinel Block sub-farm-in on PEL 106. The proceedings are dismissed. Terms are not disclosed.
19 Sept 2012annual report● Neutral
2012 annual report for the year to 30 June. It cites doubled acreage, first Sapphire gas and 3P reserves up 92%. Goals for 2013 include commercial flow rates and 1,000PJ 3P within 12 months. Text provided is only the front section, so financials are not summarised.
31 July 2012quarterly activities report● Neutral
June quarter: cash was $22m. The new Georgina and Carpentaria permits took the portfolio above 54,000km2. Sapphire 4 flowed first gas and Monslatt 7 flares gas below economic rates. Management says peak flows can take 6-12 months. Nothing new beyond earlier announcements.
3 July 2012flow test result▲ GoodMajor
Sapphire 4 began flowing gas almost immediately after pumping started. Monslatt 7/8H reached continuous gas flow, but below economic rate. KOGAS said it will exercise its ATP814P farm-in option, which starts non-exclusive talks. No terms have been discussed and no deal is certain. This resolves the open KOGAS option thread.
3 July 2012investor presentation● Neutral
July 2012 presentation restating the 3,000PJ 3P by 2014 goal, 75PJ 3P and 2,788PJ 3C. It reports $23.6m cash at 31 March, 1,139.3m shares and 54,377km2 of acreage. The Sapphire success case is now up to 300PJ 2P. Largely repeats known facts.
8 June 2012drilling progress report● Neutral
Sapphire 4 is being perforated and fitted with pumps, with pumping expected within a week. Monslatt 7 and 5P are near maximum drawdown after four-week government approval delays. Monslatt 6P is shut in and Monslatt 9 awaits a rig and approvals. No new gas results.
24 May 2012asset acquisition disposition▲ GoodMajor
Blue was named preferred tenderer for four Queensland exploration blocks, three in the Georgina Basin and one in the Carpentaria Basin, covering 31,280km2 at 100%. Native title agreements and environmental authorities are needed before grant. This adds a new shale gas and oil thread.
3 May 2012other▼ Bad
Odin Energy says its court action against Blue and subsidiary Kompliment will be heard on 22 October 2012. Odin seeks over $4.5m, rising above $6m with interest and costs. Odin settled with Great Artesian Oil & Gas. This continues the open Odin dispute.
30 Apr 2012quarterly activities report● Neutral
March quarter: the $10m placement and SPP, $23.5m in total, lifted cash to $25.4m after shareholders approved them and Ellice-Flint's election. Monslatt and Sapphire 4 testing continues, with regulatory delays costing several weeks. Resources are unchanged at 2,788PJ 3C and 75PJ 3P.
13 Apr 2012capital raising announcement▲ GoodMajor
The Share Purchase Plan raised $17.6m, scaled back to $13.5m by the 30% placement-capacity limit (Rule 7.1), issuing 215.6m shares. With the approved $10m placement, this resolves the funding thread after cash fell to $5.3m. Ellice-Flint was elected Executive Director.
What it means for a shareholder
216m new shares at about A$0.0816 to raise about A$17.6m. That's 74% dilution: every existing holder's slice gets 74% smaller. If you held A$1,000 of shares (12,250 at the issue price), your slice goes from 0.0163% to 0.00422% of the company. To keep it you'd need 35,215 more shares - about A$2,875 at the issue price.
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14 Mar 2012half year report● Neutral
Half-year accounts to 31 December 2011: net assets fell $1.7m to $66.2m, largely from exploration and corporate spending. Rod Cameron joined the board 15 Nov 2011. Monslatt wells were returned to pumping late December. Maryborough permits still await grant.
9 Mar 2012capital raising announcement● Neutral
Formal Share Purchase Plan offer: $2,000 to $15,000 per eligible holder at 6.25c, underwritten to $4m by Intersuisse. The $10m placement and Ellice-Flint appointment depend on a 5 April general meeting. The offer also includes an operations update.
2 Mar 2012capital raising announcement● Neutral
The Share Purchase Plan timetable was delayed by documentation and approvals work. Offers go out 8 March and close 5 April, at 6.25c, up to $15,000 per holder. Intersuisse underwrites $4m.
16 Feb 2012capital raising announcement▲ GoodMajor
Blue secured a $10m placement of 160m shares at 6.25c, a 20% discount to the five-day VWAP, plus a Share Purchase Plan at the same price. John Ellice-Flint, ex-Santos MD, will join as Executive Director on $200,000 salary plus 41.2m shares and options. Subject to shareholder approval.
What it means for a shareholder
160m new shares at A$0.0625 to raise about A$10.0m. That's 68% dilution: every existing holder's slice gets 68% smaller. If you held A$1,000 of shares (16,000 at the issue price), your slice goes from 0.0213% to 0.00681% of the company. To keep it you'd need 34,133 more shares - about A$2,133 at the issue price.
Create a free account to see this worked out for your own holding.
15 Feb 2012price query● Neutral
Blue responded to media speculation, confirming it is in discussions with several third parties about possible capital raising. No terms given. This follows cash falling to about $5m at December.
7 Feb 2012investor presentation● Neutral
February 2012 presentation repeating 75PJ 3P, 2,788PJ 3C and the 3,000PJ goal. It outlines a 2012 program: two new Sapphire pilot wells, Monslatt testing, and a lateral well in ATP854P. Success cases are up to 322PJ 2P at Sapphire and 500PJ 2P at Monslatt. Cash was $5m.
31 Jan 2012quarterly activities report● Neutral
December quarter: cash fell to $5.3m. The report recaps the Monslatt (1,451PJ) and Sapphire (75PJ 3P) upgrades and the completed workovers. Monslatt 9 and Sapphire 4 completions are set for first half 2012. Targets: 1,000PJ 3P by Dec 2012.
