Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2010drilling progress report● Neutral
Monslatt 6C reached 959m with about 34m net coal, supporting pilot well plans. Monslatt 4 is at 812m total depth, to be suspended pending evaluation. Sapphire 2 spudded 21 May and Myross 1 is coring at 1,047m. No gas results yet.
13 May 2010asset acquisition disposition● NeutralMajor
Blue is withdrawing, with operator Great Artesian Oil & Gas's agreement and no further obligations, from Rossco, Paprika and Paranta/Cadenza blocks in Cooper Basin PEL 106, citing its coal seam gas focus. Monslatt 4 pilot spudded 11 May; Myross 1 is at 405m.
4 May 2010investor presentation● Neutral
May investor deck repeats known facts: 647.5m shares, $0.23 price, $149m market cap, $32m cash. Monslatt 2C/3C is 3,532PJ; NSAI's 33% recovery factor implies about 1,186PJ recoverable. Notes internal estimates for Central and Sapphire blocks.
3 May 2010drilling result▲ Good
Stainburn Downs 1, second ATP813P well, reached 1,200m with 20.4m of net coal; early gas readings are in line with Kanaka 1. The rig moves to Myross 1. Monslatt 5C has spudded and the Monslatt 4 pilot well is about to spud.
28 Apr 2010quarterly activities report● Neutral
March quarter: cash $32m, down from $39.9m. Monslatt resource of 3,532PJ (2C/3C) plus 3,630PJ prospective shale. Convertible notes repaid. ATP813P is now about 4,125 km2 after relinquishment. Phillips is CEO; Sapphire 2 is expected mid-May.
23 Apr 2010drilling progress report● Neutral
Stainburn Downs 1 is at 1,049m, preparing to core the Betts Creek target. The Atlas 3 rig is due to spud the Monslatt 4 pilot production well by 2 May, with Monslatt 5C stratigraphic hole starting after. No new results.
15 Apr 2010drilling progress report● Neutral
Drilling resumes after flooding. Stainburn Downs 1 is coring ahead from 982m toward a 1,250m target. Ballangarry 1 reached 602m and was plugged and abandoned as planned. Monslatt and Sapphire 2 pilot and core work are rescheduled for late April and May.
26 Mar 2010director officer appointment▲ GoodMajor
COO John Phillips becomes CEO from 1 April 2010, ending the CEO search; Peter Cockcroft gives up executive duties but remains chairman. Aim is to drill out and seek initial reserve certification in ATP813P and ATP814P over the next 12 months.
24 Mar 2010contract award▲ Good
Blue signed a Heads of Agreement for Atlas Rig 3 to drill three Monslatt pilot production wells, with Monslatt 4 to spud by mid-April. Ballangarry 1 restarted; Sapphire 2 and Stainburn Downs 1 are still delayed by flooding. Prospective resource is quoted as 3,607PJ here versus 3,630PJ earlier.
16 Mar 2010material agreement● Neutral
Blue signed a non-binding MOU with shareholder KOGAS to study small-scale LNG and CNG projects in eastern Australia, with a joint working group. No funding or commercial terms are stated. KOGAS holds the farm-in option over ATP813P and ATP814P.
15 Mar 2010resource reserve update▲ GoodMajor
NSAI gives Monslatt (ATP814P) an initial gas-in-place resource: 121PJ 2C, 3,411PJ 3C and 3,630PJ prospective (shale). Not reserves yet; pilot wells are to start by 1 April. First independent resource figure for the Monslatt appraisal begun in December 2009.
11 Mar 2010drilling progress report▼ Bad
Flooding continues to delay drilling. Sapphire 2 and Stainburn Downs 1 (suspended at 980m) await access. Ballangarry 1 in ATP819P spudded 27 February, reached 253m, then stopped for flooding, with restart expected in about two weeks.
10 Mar 2010half year report● Neutral
Half-year report to 31 December 2009 restates known operations: Monslatt 1A gas up to 23.4 m3/tonne with gassy shales, Kanaka 1 at 1,300m with 25m coal, and a mid-2010 reserves certification target for ATP814P. Financial statements were truncated, so no figures are given.
5 Mar 2010other▼ Bad
S&P's March rebalance lists Blue Energy among removals from the S&P/ASX 300, effective after close on 19 March 2010. The text gives no reason beyond market cap and liquidity criteria. It follows Blue's addition to the index in September 2009.
25 Feb 2010drilling scheduled▲ GoodMajor
The board approved an accelerated Monslatt appraisal in ATP814P: up to 15 stratigraphic and core wells plus several pilot production wells, adding a Depco rig. Work starts in early March after flooding. A new Surat Basin well, Ballangarry 1 in ATP819P, is also planned.
1 Feb 2010drilling result● Neutral
Monslatt 3 stopped at 718m ahead of flooding, with 22m of net coal and gas up to 21 m3/tonne. Stainburn Downs 1 is suspended at 980m after reaching the Betts Creek top with 5m of net coal. Floods from ex-cyclone Olga halted both rigs.
29 Jan 2010quarterly activities report▲ Good
December quarter: cash $39.9m. Monslatt 1A samples reached 23.4 m3/tonne; up to 15 more ATP814P wells are planned, with reserves certification now targeted for mid-2010. Peter Flanagan was not re-elected, Harrison is retiring, and ANZ is appealing the receiver ruling.
22 Jan 2010drilling progress report● Neutral
Monslatt 3 is at 546m with 12m of net coal and gas up to 11 m3/tonne. Stainburn Downs 1 in ATP813P spudded 19 January and is at 908m, with coring of the Permian target due shortly.
15 Jan 2010drilling progress report● Neutral
Monslatt 3 is at 311m, about to start coring. Heavy rain delayed the Galilee rig, which is preparing to move from Kanaka 1 to Stainburn Downs 1 about 15km south. No new results.
12 Jan 2010farm in farm out agreement● Neutral
Adelaide Energy (ADE) is buying Magellan's three Maryborough permits (ATP 613P, 733P, 674P) for $450,000. This is not a Blue transaction, but Blue's farm-in to earn 75% by funding the work program continues, with ADE now its counterparty. Native title agreements are still being finalised.
8 Jan 2010drilling spud● Neutral
Monslatt 3 in ATP814P spudded 6 January 2010, 1.5km from Monslatt 1A, to test how far the gassy shales extend. A production pilot well is planned between the two. The Galilee rig is stuck by rain after completing Kanaka 1.
23 Dec 2009drilling result▲ GoodMajor
Monslatt 1A reached 985m with 37m of gas-bearing coals and shales, coals up to 22 m3/tonne and shales up to 10 m3/tonne raw. Blue sees possible shale gas upside in ATP814P. Kanaka 1 finished at 1,300m with 24m of coal and gas up to 2.5 m3/tonne.
9 Dec 2009drilling result▲ GoodMajor
Kanaka 1, the second well in the ATP813P program, cored over 25m of coal with gas up to 3.1 m3/tonne raw. Blue says this is consistent with its 2008 estimate of about 15 Tcf (P50) gas in place; the coals correlate with Carolina 1 about 70km away.
7 Dec 2009drilling result▲ GoodMajor
Monslatt 1A in ATP814P has 29m of net coal, with samples up to 21 m3/tonne raw and 95%+ methane, above the roughly 15 m3/tonne reported at nearby Arrow. Blue is planning a pilot well and aims for reserves certification in early 2010.
26 Nov 2009drilling progress report▲ Good
Kanaka 1 in ATP813P is at 944m, expected to reach the Permian Betts Creek coals within days. Monslatt 1A in ATP814P is at 511m; a 6m coal seam has given up to 18.4 m3/tonne raw gas (95% methane), and a drill stem test flowed gas to surface.
25 Nov 2009investor presentation● Neutral
Conference presentation on the Galilee Basin as a possible LNG province, repeating the November corporate snapshot: 646.3m shares, $41.8m cash, ANZ 17.83%, Stanwell 13.52%, KOGAS 9.73%. ATP813P targets of 15.3 Tcf gas in place and 500PJ reserves are unchanged.
18 Nov 2009drilling spud● Neutral
Kanaka 1, the first of 10 coreholes in ATP813P (Galilee Basin), spudded 16 November. Monslatt 2 in ATP814P finished at 858m, cased as a possible monitoring well, with gas up to 14.5 m3/tonne; a fault removed deeper coals. Monslatt 1A spudded.
11 Nov 2009investor presentation● Neutral
AGM presentation: 646.3m shares, $142m market cap, $41.8m cash, 14 staff. Targets certified reserves from ATP814P (200PJ, Q3 2010) and ATP813P (500PJ, Q4 2010). Monslatt 2 was coring at about 785m with shallow gas of 14 m3/tonne raw. Largely repeats known facts.
11 Nov 2009agm notice● Neutral
All resolutions passed except two: Peter Flanagan, the receiver's nominee, was not re-elected on a poll (125.5m for, 223.0m against), and his director options were rejected. Resolution 16 for Harrison options was withdrawn. KOGAS shares, CQS options and executive options were approved.
5 Nov 2009director officer appointment● Neutral
Non-executive director Stephen Harrison, a founding shareholder and Risk and Audit Committee chair, retires effective 1 January 2010, citing other business commitments. His proposed director options (Resolution 16) are withdrawn from the 11 November AGM.
