Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2008resource reserve update▲ GoodMajor
After 20 days of testing, gas desorption from Cerulean #1 coal supports a target area of about 250PJ of contingent resources around the Cerulean Block in ATP 854P, beside a high-pressure pipeline. Cerulean #2 and #3 are planned to test flow rates.
9 May 2008drilling result▲ Good
Cased-hole logs confirm 4.9m of continuous coal at Azure #1 in ATP 817P. Core drilling has started at Azure #2 and Azure #6 to gauge the extent of the coal and gas potential. Follows the 28 April result.
28 Apr 2008drilling result▲ GoodMajor
Blue's first wells confirmed Bandanna coal in both tenements. Cerulean #1 (about 5m) and Cobalt #1 (about 3m) are in ATP 854P, and Azure #1 (about 5m) is in ATP 817P. More wells leading to production testing are planned near Azure #1 and Cerulean #1.
14 Apr 2008drilling spud● Neutral
Blue begins drilling Azure #1 in its 100%-owned ATP 817P, about 55km north west of Injune, using Mitchell Rig 101. It is a stratigraphic test of Bandanna coals. This is the third of five tenements in the six-month program.
28 Mar 2008drilling spud● Neutral
Blue starts drilling Cobalt #1 in its 100%-owned ATP 854P near Injune, using Mitchell Rig 101. It is a stratigraphic test of Bandanna coals, sited from the 2007 Cobalt seismic. This is the second of five tenements in the six-month, up to 15-well program.
20 Mar 2008drilling spud▲ GoodMajor
Blue spuds Indigo #2, a core hole in ATP 818P, starting its six-month program of up to 15 CBM wells. It uses Depco Rig #26 to core the whole Walloon Coal Measures. A second rig is contracted for ATP 854P after Easter. First drilling on its own permits.
13 Mar 2008director officer appointment▲ GoodMajor
Bill Williams is confirmed as CEO, on $400,000 a year plus up to 10m options at 25c tied to share price hurdles of 40c, 70c and $1.00. Blue also signs the first of several drilling contracts, for up to 15 wells in five tenements over six months.
29 Feb 2008half year report● Neutral
Interim report for the half to 31 December 2007. The extract shown covers the directors' review of operations, repeating ATP 896P, Cobalt and Indigo news. No financial figures are visible in the text supplied.
22 Feb 2008investor presentation● Neutral
Announces COO Ray Johnson will present at EnerCom's conference in San Francisco on 22 February 2008, with a webcast. It describes about 33,000 sq km of acreage. Administrative notice, nothing new.
22 Feb 2008investor presentation● Neutral
US conference presentation by COO Johnson. It shows the board with Oussa now non-executive and Williams as Acting CEO, and a market capitalisation of about $90m, versus $160m in November. It states Odin and Blue each fund 50% of the four Spinel wells. Otherwise repeats known facts.
6 Feb 2008director officer appointment● NeutralMajor
Co-founder Sharif Oussa resigns as CEO with immediate effect but stays on as a non-executive director. Chief Commercial Officer Bill Williams becomes Acting CEO. The release gives no reason beyond praising Oussa's past year.
21 Dec 2007asset acquisition disposition▲ GoodMajor
Papua New Guinea grants Blue four offshore licences, PPLs 271-274, covering about 67,000 sq km in the Gulf of Papua. They were applied for in May 2005. The initial two-year work plan covers data reprocessing, remote sensing and some 2D seismic. This revives a PNG presence after the earlier PPL 248 withdrawal.
21 Dec 2007investor presentation● Neutral
Notice of an audio broadcast with MD Sharif Oussa on the PNG licence grant. It carries no new information, only a link to the stream.
5 Dec 2007drilling progress report▲ Good
Indigo 2D seismic in ATP 818 (100%) is finished: about 106 km acquired, up from the planned ~75 km, within budget. Processing begins, with results to direct drilling in early 2008. This completes the second of the two 2007 Queensland surveys.
29 Nov 2007investor presentation● Neutral
Shareholder presentation cites 440m shares, a $160m market capitalisation, $34.5m cash and 33,053 sq km of CBM acreage. It adds up to 4 core wells and 2 pilots planned in ATPs 817/854/859. Mostly repeats known facts.
29 Nov 2007director officer appointment▲ Good
Bill Williams joins as Chief Commercial Officer. He was a commercial executive at QGC from late 2003 to mid 2006 and worked with COO Ray Johnson there. The company says he will help commercialise its assets.
20 Nov 2007drilling progress report▲ Good
Cobalt 2D seismic in ATP 854 (100%) is finished: about 82.3 km acquired, on budget despite wet weather. Processing starts now, to guide drilling in early 2008. Mobilisation has begun for the Indigo survey in ATP 818. No results yet.
9 Nov 2007investor presentation● Neutral
Notice of an audio broadcast with MD Sharif Oussa titled 'Company Update and Acquisition of New CBM Tenement'. It carries no new information itself, only a link to the stream.
9 Nov 2007asset acquisition disposition▲ Good
Blue is named preferred tenderer for ATP 896P (1,142 sq km, 100%), next to its ATP 818P, in the Surat/Clarence-Moreton basins. A 2-well core and 4-well pilot program is planned for early 2008. This repeats the 1 Nov quarterly news, now with a formal release.
7 Nov 2007drilling progress report▲ Good
Blue starts its first operations on its own 100%-held permits: the Cobalt 2D seismic survey (~75 km) in ATP 854P and the Indigo survey (~75 km) in ATP 818P. Each takes about a week. Results will guide core drilling and eventual pilots.
5 Nov 2007other● Neutral
Responding to media speculation, Chairman Stretch confirms Blue and Sydney Gas Limited have held informal talks about a number of possible proposals. They may not lead to any announcement. No terms or deal are disclosed.
1 Nov 2007annual report● Neutral
2007 annual report, with chairman's and managing director's letters recapping the Spinel seismic farm-out, the $34.6m CVC raising and the new Brisbane team. It says drilling of the first two of five Spinel prospects is planned later this year. Largely repeats known events.
15 Oct 2007director officer appointment● NeutralMajor
Chairman Norman Zillman retires, and Nicholas Stretch, a former Gadens Lawyers national chairman soon to join Chimaera Capital, joins the board as a non-executive director. The company says Zillman's objectives were achieved. Stretch later becomes chairman.
27 Sept 2007annual report● Neutral
Statutory accounts for the year to 30 June 2007. The extract provided shows only the directors' profiles, including CVC's Highland and Beard appointed on 18 July 2007. Financial figures are not visible in the text supplied.
26 Sept 2007capital raising announcement▲ GoodMajor
Blue closes the second tranche of the CVC-led raising, $26.6m after shareholder approval on 14 September, completing the $34.6m total. Funds go over 24 months to seismic and core and pilot drilling in ATPs 817, 818 and 854. A Brisbane office opens with new technical managers.
14 Sept 2007investor presentation● Neutral
Shareholder presentation shows 440m shares, $33m cash and a $114.4m market capitalisation. It describes about 26,000 sq km of 100%-held CBM acreage and the Cooper Basin Spinel targets. The Burrum wells are still described as 17m of net coal. It largely repeats known facts.
18 July 2007capital raising announcement▲ GoodMajor
Blue Energy agrees a package of up to $34.6m with CVC Limited: a $30m placement of 120m shares at 25c, plus conversion of Chimaera's $4.6m loan at 18c. CVC takes 19.9% and two board seats. The second tranche needs shareholder approval. This resolves the postponed raising and the debt.
18 July 2007capital raising announcement▲ Good
CVC's own release confirms it will invest $21.5m directly for 19.9% as largest shareholder, leading the $30m placement at 25c. It adds 5m options at 25c, a three-month exclusivity period and a $700,000 break fee. It repeats ref 3 with these extra terms.
31 May 2007joint venture update● Neutral
Operator GOG says Red Sky Energy deposited $1m to fund up to three Cooper Basin wells in GOG areas, drilling in the second half of 2007. It also notes Blue's Spinel farm-out to Odin, repaying $4.6m of seismic costs once Odin lists on the ASX.
23 May 2007director officer appointment▲ Good
Blue Energy appoints Ray Johnson as Chief Operating Officer, a coal seam gas engineer with 27 years' experience, formerly at Santos and QGC. Managing Director Oussa links it to early development of the company's Surat and Bowen Basin gas resources.
