14 July 2009drilling result● Neutral
Itude 1 reached 299m, with formations close to prediction and results in line with expectations. Lab analysis continues. The rig moved to Itude 2, 10km northwest. No gas or coal figures are given yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 July 2009drilling spud▲ GoodMajor
Rig 180 began the first of three Walloon coreholes in ATP 854P. Itude 1 spudded on 6 July, planned to about 250m. This starts the program funded by the $22.3m SPP, aimed at feeding data to reserve certifiers.
6 July 2009director officer appointment● Neutral
Damien Cronin, a solicitor, replaces Brian McGillivray as company secretary. McGillivray stays on as a non-executive director. Administrative change.
29 June 2009capital raising announcement▲ GoodMajor
The binding KOGAS Share Placement Agreement was signed: $12.571m for 62.855m shares at 20c, giving KOGAS 10% and a board nomination right. Closing needs FIRB approval. This firms up the May heads of agreement.
What it means for a shareholder
62.9m new shares at A$0.200 to raise about A$12.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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23 June 2009contract award● Neutral
Blue commissioned a desk-top study of gas pipeline routes from the Galilee Basin permit ATP813P to possible LNG export sites including Gladstone. It also refers to a 21-corehole drilling program across four permits from July 2009, including 10 in ATP 813P.
18 June 2009investor presentation● Neutral
June 2009 presentation updates the post-SPP position: 565.7m shares, cash $31.9m, market capitalisation $130m. It repeats the strategy and KOGAS agreement. No new announcements.
16 June 2009drilling scheduled▲ GoodMajor
Rig 180 is now expected to start in ATP 854P on 11 July 2009. Five coreholes in ATP 896P are confirmed, with three more planned in ATP 814P and ten in ATP 813P, aiming for continuous coring to June 2010. Blue says the SPP money fully funds this.
9 June 2009capital raising announcement▲ GoodMajor
The share purchase plan closed having raised about $22.3m from over 2,200 applications, issuing about 118m shares at 18.94c. Blue says this plus cash and the KOGAS placement funds its work program for the next 18-24 months. Resolves the SPP thread.
What it means for a shareholder
118m new shares at A$0.1894 to raise about A$22.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 May 2009capital raising announcement● Neutral
The share purchase plan closing date is extended to 3 June 2009 because some mailouts were late, and to give holders time to consider the KOGAS announcement. Share issue moves to 10 June. Only the timetable changes.
29 May 2009farm in farm out agreement▲ GoodMajor
Blue signed a non-binding Heads of Agreement with Korea's KOGAS: a private placement for 10% of Blue at 20c per share, a board seat, and an option to farm into ATP813P and/or ATP814P to 30 June 2010. Subject to board, FIRB and any shareholder approvals.
21 May 2009director officer appointment▲ Good
John Phillips, consulting since March 2009, is appointed full-time Chief Operating Officer. The release says the company is building a team of experienced project developers. This formalises the role he took on in March, with no new figures.
13 May 2009joint venture update▼ Bad
Odin Energy says its legal action over the terminated PEL 106 Spinel farm-in is moving forward, with Great Artesian Oil and Gas added as a party. Odin still demands the $4.5m back from Blue's subsidiary Kompliment and Blue. This continues the dispute.
12 May 2009capital raising announcement● Neutral
Compliance notice for the share purchase plan, confirming Blue is issuing shares without a disclosure document and has met its disclosure obligations. It contains no new terms or figures.
12 May 2009capital raising announcement● Neutral
The SPP offer document sets applications at $2,000-$15,000, price at the lesser of a 20% VWAP discount or 20 cents, closing 1 June 2009. Proceeds partly fund corehole drilling in ATP 818P and 896P, in addition to the ATP 854P program funded from existing cash.
12 May 2009investor presentation● Neutral
May 2009 corporate presentation restates known facts: 446m shares, about $10m cash, 12 staff, and a short-term Walloon coal gas focus with ATP 813P as the longer-term 'company maker'. John Phillips is listed as Chief Operating Officer. No new announcements.
11 May 2009contract award▲ GoodMajor
Blue signed Lucas Mitchell's Rig 180 for the shallow Walloon program in ATP 854P from June 2009: three firm wells, three options. The rig can drill core and production wells in other permits. Certification in ATP 854P is targeted by early 2010.
1 May 2009capital raising announcement● NeutralMajor
Blue plans a share purchase plan offering eligible shareholders up to $15,000 of shares (subject to waivers, otherwise $5,000) at the lesser of a 20% VWAP discount or 20 cents. The price is an 18% discount to the 29 April close. No total raise size is stated.
23 Apr 2009farm in farm out agreement▲ GoodMajor
Blue completed stage one of its Magellan farm-in on ATP 613P, 674P and 733P and amended the deal. Blue becomes operator and can earn 75% (earlier context said up to 90%) via an agreed work program. P50 gas in place is 395PJ (about 372Bcf).
23 Apr 2009material agreement● Neutral
Blue engaged ABN AMRO Morgans Corporate to advise on capital structuring and corporate transactions, calling it part of its revised CSG strategy. No transaction or funding is announced yet.
1 Apr 2009admin correction● Neutral
The registered office moves to the Brisbane office at Suite 15A, 421 Brunswick Street, Fortitude Valley, effective 1 April 2009. Administrative notice only.
1 Apr 2009debt financing▲ GoodMajor
Blue extended $3m of convertible notes held by CQS for one year on the same terms, convertible at 25 cents. A further $0.5m of notes was repaid. CQS also took 12.5m one-year options at 20 cents, worth $2.5m if exercised.
13 Mar 2009half year report● Neutral
Half-year report to 31 December 2008 mainly repeats operations already reported. New is a Maryborough (ATP 613P) seismic survey of 27km showing Burrum coals in the prospective depth range. Financial statements are not visible in the extract.
11 Mar 2009drilling scheduled▲ GoodMajor
The board approved a shallow Walloons CSG project in ATP 854P: three wells in the June quarter 2009, a pilot later in the year, and gas certification targeted for Q1 2010. It targets an initial 300 PJ. This shifts focus from the deeper Bandanna coals tested at Cerulean.
9 Mar 2009director officer appointment▲ Good
John Phillips, former Chief Operating Officer of Sunshine Gas, joins to manage projects aimed at near-term CSG reserve certification. He previously oversaw the Lacerta CSG field's reserve certification and development. This adds technical depth after the staff cuts.
6 Mar 2009other▲ Good
S&P index rebalance notice: Blue Energy (BUL) is among the additions to the All Ordinaries index, effective after the close on 20 March 2009. The release is a general index list, not a company announcement.
27 Feb 2009director officer appointment● Neutral
Stanwell's CFO Garry Button replaces Denis Byrne as its board nominee. Peter Flanagan joins at the request of the ANZ-appointed receiver to Primebroker, which holds 25.48%, giving the receiver the board seat it had sought.
24 Feb 2009other● Neutral
Directors Cockcroft and Massarotto attended the Asia CBM Forum in Jakarta; Massarotto gave a keynote on Australian CBM regulation and Cockcroft chaired the conference. A general industry paper is attached, with no company-specific news.
17 Feb 2009director officer appointment● Neutral
Stanwell nominee Denis Byrne resigned as a director because of his commitments as Stanwell chairman; Stanwell will nominate a replacement under the August 2008 alliance. Dr Paul Massarotto, a University of Queensland CBM researcher, joins as independent director with technical expertise.
11 Feb 2009other● Neutral
Blue says its 100% offshore PNG licences (over 65,000 sq km) may hold a new oil and gas province, and it is seeking partners. It has engaged US adviser Moyes & Co to find exploration funding. No drilling or partner deal is announced.
15 Jan 2009director officer appointment● NeutralMajor
CEO Bill Williams steps down in January 2009 but will consult on the farm-out; Chairman Cockcroft becomes executive chairman. Blue hires MBA Consulting to run a farm-out dataroom, and cuts senior staff and consultants as part of cost containment.