Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2009regulatory community update▲ Good
Blue applied for Pipeline Survey Licence PSL 49, expected to take 4 to 6 weeks, to study routes from the Galilee Basin ATP813P to Abbot Point or Gladstone. Surveys will also cover Moranbah routes, citing encouraging ATP814P results. The 10-well ATP813P program starts in mid-November.
30 Oct 2009quarterly activities report● Neutral
September quarter: cash $41.8m after the KOGAS placement completed. The Magellan farm-in was amended, ATP 854P drilling finished, and drilling is underway in ATP 896P and 814P. ANZ is appealing the court ruling on the receivers' appointment. Mostly repeats earlier news.
29 Oct 2009drilling result▲ GoodMajor
Monslatt 2 is coring at 545m. A 6m coal seam at 326m gave an early gas content of 12.5 m3/tonne after three days, uncorrected for ash, with about 92% methane. Blue is reassessing the ATP 814P drilling order.
21 Oct 2009drilling result● Neutral
Monslatt 1 reached 1,041m and was plugged and abandoned after hole instability stopped wireline logging. Cuttings showed multiple coal seams of 6 to 20m between 400m and 750m. Monslatt 2 and 3 will attempt to core them.
20 Oct 2009drilling scheduled▲ GoodMajor
The board approved a 10-well coring program in the 100%-owned ATP 813P in the Galilee Basin, expected to start around 9 November 2009. Oakey Power 1 reached 497m and is being plugged. ATP 896P results are being analysed for pilot production merit.
15 Oct 2009drilling progress report● Neutral
Oakey Power 1 is coring at 365m toward about 510m. Monslatt 1 in ATP 814P spudded 8 October and is at 876m in the Moranbah Coal Measures, near its 900m target. No results given.
9 Oct 2009agm notice● Neutral
Notice of the meeting on 11 November 2009 in Brisbane. Resolutions cover the remuneration report, ratifying the 62.855m KOGAS shares and 12.5m CQS options, option grants to Phillips (2.5m) and Cockcroft (2.0m), and director re-elections.
8 Oct 2009annual report● Neutral
The 2009 annual report repeats the year's milestones: $12.571m from KOGAS, $22.3m SPP and the Stanwell alliance. It targets first reserve certification in the third quarter of 2010. It notes the Primebroker receiver's holding has discouraged institutional investors.
7 Oct 2009drilling progress report● Neutral
Gone 1A finished at 539m. Oakey Power 1 spudded 6 October in northern ATP 896P. Boart Longyear rig 1200-7 is rigging up at Monslatt 1 in ATP 814P, a 900m test to start the up-to-six-well program. No gas results yet.
30 Sept 2009farm in farm out agreement● NeutralMajor
Blue amended its Magellan farm-in: it will fund the native title process to get the Maryborough permits granted, in return for a 75% interest in ATP 613P, 674A and 733A (3,514 km2). It also relinquished ATP 859P because the Walloon coals are unlikely to sustain economic gas.
25 Sept 2009other▲ Good
The chairman's letter says Blue is back on track after a difficult year, with over $40m in cash from the $22m SPP and $12m KOGAS placement. It names two challenges: running multiple rigs and reducing reliance on eastern Australian gas prices. It repeats known facts.
25 Sept 2009director officer appointment● Neutral
KOGAS nominee Heung-Bog Lee joins the board from 1 October 2009, following KOGAS's 10% placement. Director Brian McGillivray, with the company since 2005, resigned effective 23 September 2009.
23 Sept 2009annual report● Neutral
Blue released its statutory accounts for the year to 30 June 2009. The extract shown covers the directors' report and board biographies only, with no financial figures. It notes ANZ holds 17.9% and Stanwell 13.8%.
16 Sept 2009drilling result● Neutral
Orphan 1 reached 563m, was logged and permeability tested, then plugged and abandoned as planned. No gas results are given. Gone 1 in southern ATP 896P spudded 14 September and is at 85m, targeting about 300m.
15 Sept 2009regulatory community update● NeutralMajor
On 31 August 2009 the Victorian Supreme Court found the receiver's appointment to Primebroker invalid. ANZ has appealed, and the receiver has sought a declaration that it is valid. Blue says this creates uncertainty over the receiver's holding of its shares and is considering its options.
10 Sept 2009contract award▲ Good
Blue signed a service contract with Boart Longyear for a second coring rig, for a program of 4 firm plus 2 contingent wells in ATP 814P, available from late September 2009. It may also bring forward the ATP 813P program, subject to board approval.
4 Sept 2009other● Neutral
S&P announced Blue Energy will be added to the S&P/ASX 300 index from 18 September 2009. This is an index change, not a company announcement, and carries no new operating information.
31 Aug 2009drilling scheduled▲ Good
The board approved a six-well coal seam gas program in ATP 814P, east of Arrow's Moranbah project, with a second rig in advanced negotiations and work expected from mid September 2009. The chairman says the KOGAS funds allowed the program to be accelerated.
28 Aug 2009other● Neutral
ANZ's substantial holding notice shows its voting power in Blue fell from 20.07% to 18.07% (113.6m shares). The text says the drop came from Blue's increased issued capital, not a sale. The receiver of Primebroker still holds the stake.
28 Aug 2009drilling progress report● Neutral
Orphan 1 in ATP 896P is coring at 323m, with Juandah coals intersected as expected. About 16m of net coal samples are in gas-content testing. Final depth about 515m. No gas results yet.
25 Aug 2009regulatory community update▼ Bad
Blue notes the Panel's refusal to hear its application and says it is worried by the lack of any process for an orderly sale of the receiver's shares. It is reviewing its options on those shares and other matters raised by the receiver. No decision announced.
25 Aug 2009capital raising announcement▲ GoodMajor
Blue received the $12.571m KOGAS placement money, for 62.855m shares (10%). Cash is now $42m. A KOGAS director is expected in September, and a second coring rig for ATP 814P in October is in final negotiations. Completes the KOGAS placement.
19 Aug 2009drilling spud● Neutral
Itude 3 finished at 383m and is suspended as a possible monitoring well, completing the ATP 854P program. Rig 180 moved to ATP 896P, where Orphan 1 spudded on 17 August, the first of five coreholes, targeting about 515m.
14 Aug 2009regulatory community update▼ BadMajor
The Takeovers Panel declined to conduct proceedings on Blue's application against the receiver and ANZ. It said the application was not made in a timely manner and had no reasonable prospect of a declaration of unacceptable circumstances. Blue's challenge to the receiver's holding fails.
10 Aug 2009drilling progress report● Neutral
Itude 3 is coring at 311m after a drill string failure, with a replacement string sourced and total depth expected over the weekend. The rig then moves to the five-well ATP 896P program. Routine update.
7 Aug 2009regulatory community update▼ BadMajor
Blue applied to the Takeovers Panel over ANZ and the Primebroker receiver, who hold 20.07% of Blue. The receiver has threatened to call a meeting to remove two directors and the chairman. Blue seeks orders restraining voting and requiring a sell-down below 5% within 12 months.
30 July 2009quarterly activities report● Neutral
June quarter: cash $30.5m after the $22.3m SPP, KOGAS agreement signed, and Itude 1 and 2 drilled with coals as prognosed. Drilling is expanding to ATP 896P, 814P and 813P. First reserve certification is now targeted for Q3 2010.
29 July 2009drilling progress report● Neutral
Itude 2 reached 281m, found 9m of net coal and is suspended for later use as a monitoring well. Itude 3 is coring at 221m. The rig will then move to a five-well program in ATP 896P.
23 July 2009drilling progress report● Neutral
Itude 2 is coring at 210m in the Walloon coals, to be drilled to about 300m. The rig then moves to Itude 3, the last well in the ATP 854P program. Routine progress update.
21 July 2009investor presentation● Neutral
A London presentation on the Australian coal seam gas sector, pitching Blue as 'the next CSG growth company'. Company details repeat June figures: 565.7m shares, $31.9m cash. Nothing new.
