Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2012resource reserve update▲ GoodMajor
NSAI lifted Sapphire Block 3P reserves from 39PJ to 75PJ and 3C contingent resources from 284PJ to 326PJ, on Sapphire 4 results. Total 3C is now 2,788PJ. Pilot production testing is expected in the second quarter of 2012.
14 Dec 2011resource reserve update▲ GoodMajor
NSAI raised Monslatt 3C contingent resource by 156PJ to 1,451PJ recoverable, following the Monslatt 9 well, and gas in place by 448PJ. This confirms the earlier hint that the well would lift resources. Monslatt 6P is stimulated; four Monslatt wells will be on test.
25 Nov 2011drilling result▲ Good
Sapphire 4 finished at 940m with 62m net coal and was cased and suspended. It gave Blue's first gas flow from the Fort Cooper coals. The rig is released ahead of the wet season. NSAI is reviewing Sapphire 4 and Monslatt 9 data; Monslatt 6 is being nitrogen-stimulated.
15 Nov 2011investor presentation● Neutral
AGM presentation repeating the 3,000PJ 3P by 2014 goal, 39PJ 3P and 2,590PJ 3C. It admits reserves booking has been slower than hoped, citing weather, regulation and geology. Cash was $12m at 30 Sept. No new results.
31 Oct 2011quarterly activities report● Neutral
September quarter: cash $11.6m. Monslatt 9 and Sapphire 4 (940m TD) drilled; 25km of seismic done. Monslatt 5 water has reached pump capacity; 4 and 6 workovers planned for November. Stimulation plans are under regulator review. Resource table unchanged at 39PJ 3P.
28 Oct 2011drilling progress report● Neutral
Sapphire 4 (spudded 6 Oct) was at 715m and coring, with about 50m net coal. An open-hole test flowed gas from Fort Cooper coals, but not at commercially significant rates. NSAI will review Sapphire resources, currently 39PJ 3P and 284PJ 3C.
6 Oct 2011drilling result▲ Good
Monslatt 9 is cased and suspended, confirming coals up to 4m thick with gas up to 25 m3/t in the southern Monslatt Block. Preliminary data suggest it will extend gas in place and contingent resources. Rig moved to Sapphire 4, spudded 5 Oct. Pilot wells to go from 3 to 6 by year end.
30 Sept 2011director officer appointment● Neutral
Karen Johnson, an accountant with over 20 years' experience, joined the board as a non-executive director on 30 September 2011. She fills the board place left by Garry Button's June resignation (an inference from timing).
27 Sept 2011annual report● Neutral
2011 annual report recaps the year: first 39PJ of 3P reserves, 2,590PJ of 3C, 2,243PJ prospective. The 2012 outlook targets commercial flow rates, 1,000PJ of 3P within 12 months and gas sales agreements. Financials not in the supplied text.
23 Sept 2011drilling result▲ Good
Monslatt 9 reached 1,006m, intersecting 16 seams with about 35m gross coal and gas contents of 8-25 m3/t, plus gas-bearing shales. Rig moves next to Sapphire 4. Monslatt 4 and 6 completions slip to October amid regulator review of stimulation.
7 Sept 2011drilling progress report▲ Good
Monslatt 9 (spudded 26 August) is at 608m, with thick coals and raw gas contents of 14-22 m3/t. Blue says confirming coals within NSAI's 600m cutoff should raise contingent resource. Monslatt 7 gas rates are still being assessed.
25 Aug 2011drilling spud● NeutralMajor
Monslatt 9, a core and pilot well in the southern Monslatt Block, was due to start drilling, planned to 840m over about 21 days using Ensign Rig 60. Monslatt 7 gas flow has begun; commercial rates are needed before NSAI assigns 2P/3P reserves.
10 Aug 2011investor presentation● Neutral
Luncheon presentation repeating the goal of 3,000PJ of 3P by end 2014, equal to one LNG train of feed gas. It cites 2,589PJ of 3C and 39PJ of 3P, with no new results or announcements.
28 July 2011quarterly activities report● Neutral
June quarter: cash $14.9m after the $6m raising. Monslatt 7 began gas flows and is flaring, and Monslatt 5P water is above 100 barrels a day. Maiden 39PJ reserve, Galilee estimate and Stanwell amendment recapped. Monslatt 9 and Sapphire 4 planned.
21 July 2011resource reserve update▲ GoodMajor
NSAI booked Blue's first reserves: 39PJ of 3P (possible only) in the Sapphire Block of ATP814P. Blue calls the number very modest. It is a start on converting contingent resources, targeted at the 6-10PJ a year supply MOU.
13 July 2011investor presentation● Neutral
Conference presentation setting a vision of 3 TCF of 3P reserves by end 2014, repeating known resources and the MOU. It lists 722.5m shares, $15m cash and Mathews Capital at 8.4%. Bowen plans are described as fully funded. No new results.
5 July 2011regulatory community update● Neutral
Blue is earning 75% of the Maryborough permits from Adelaide Energy. Native title agreements are signed and environmental authorities issued for ATP674A and 733A, and the joint venture is awaiting grant. Exploration is planned to start this year, with the US EIA citing shale potential.
30 June 2011director officer appointment● Neutral
Garry Button resigned as a director from 30 June 2011, because a restructure at Stanwell meant he could no longer act as its nominee. He chaired the Risk and Audit Committee. Stanwell has no board seat after this.
29 June 2011resource reserve update▲ GoodMajor
NSAI assessed ATP813P in the Galilee Basin at 554PJ recoverable 3C contingent resource plus 1,142PJ recoverable prospective resource, on 3,407PJ gas in place. This covers about 25% of the permit and is the first resource booking after the 2010 drilling.
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.
29 Apr 2011quarterly activities report● Neutral
March quarter: cash $10.7m before the $6m placement completed 5 April. Flooding delayed Monslatt work; 4P, 5P and 7P completed with limited testing, and full production testing now expected in the June quarter. BBY claim settled and KOGAS option extended to 28 Feb 2012.
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.
