Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report▼ Bad
December quarter: cash fell to $14m from $18m, with $4.2m operating outflow and no borrowings. Flooding delayed Monslatt pilot completions and production testing to early 2011. Company is monitoring the ANZ receiver share dispute; 9.0m rights granted.
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.
28 Oct 2010quarterly activities report● Neutral
September quarter: cash $18m, down from $27m. Monslatt pilots flowed gas at modest rates (up to 15,000 scf/day). Kerlong 1 reached 914m with about 20m net coal and 12-15 m3/tonne gas. Monslatt 8H lateral expected completed in 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.
29 July 2010quarterly activities report● Neutral
Appendix 5B: cash at 30 June was $26.975m, down from $31.872m. Quarterly operating and investing outflow $4.9m, no borrowings. Expected next-quarter spend is $10m ($9m exploration, $1m administration).
29 July 2010quarterly activities report● Neutral
June quarter: cash fell to $27m from $32m. Monslatt 4-7 pilot wells drilled; air drilling of the P seam due early August. Galilee ATP813P core program finished; Stainburn Downs 1 gas content 2-5 m3/tonne. KOGAS option extended, Phillips made Managing Director.
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.
7 July 2010farm in farm out agreement● NeutralMajor
Blue agreed to KOGAS's request to extend its farm-in option over ATP813P and/or ATP814P by 8 months, from 30 June 2010 to 28 February 2011. KOGAS cited tax uncertainty and flood delays; Blue aims for a farm-in commitment in early 2011.
30 June 2010investor presentation● Neutral
QUPEX presentation repeats known facts: Monslatt 2C/3C of 3,532PJ, 33% recovery factor, three pilot wells, $32m cash at 31 March. Share price shown as $0.15 (market cap $97m) at 28 June, down from $0.23 in May.
29 June 2010drilling progress report● Neutral
Sapphire 3 spudded 19 June and is at 454m in the Rangal coals. Monslatt 6 pilot production well also spudded 19 June and is at 380m. No new results.
28 June 2010director officer appointment● Neutral
CEO John Phillips has been appointed Managing Director and joins the board; his pay is unchanged. Peter Cockcroft remains chairman. Administrative follow-on to his April promotion.
17 June 2010drilling progress report● Neutral
Ballyneety 1 reached 1,008m and will be plugged and suspended. Blue will analyse Galilee data before deciding on a second ATP813P phase. Sapphire 2 reached 1,050m, and Monslatt 5 pilot well reached 806m and has run casing.
3 June 2010drilling progress report● Neutral
Myross 1 reached 1,098m with 21m net coal, gas tests pending. Ballyneety 1 spudded 30 May. Sapphire 2 is coring at 614m, and the Monslatt 5 pilot well, spudded 29 May, is at 250m. No new gas results.
