Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2009quarterly activities report▼ Bad
December quarter: Cerulean 2 is pumping about 10 barrels of water a day, with coals showing low permeability, so stimulation is being considered. Seismic was completed on four permits and the receiver signals a medium-term holding. Cash fell to $13.7m from $16.4m at 31 October.
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.
2 Dec 2008director officer appointment● Neutral
Founder Sharif Oussa retired from the board at the 28 November AGM by rotation and did not seek re-election. The text gives no reason beyond this. The chairman thanked him for building the company's foundations.
1 Dec 2008admin correction● Neutral
Blue lodges the new company constitution adopted by shareholders at the 28 November 2008 AGM. The announcement is a cover letter with the document; no substance beyond the filing.
28 Nov 2008investor presentation● Neutral
The AGM presentation cites the global financial crisis, targets certified reserves within 18 months and revenue within 3 years, and plans an aggressive farm-out. Cash was $16.4m at 31 October. It says Azure area gas content was low, making it unsuitable for CSG production.
27 Nov 2008other● NeutralMajor
Blue adopts a cash conservation approach, will seek farm-outs of some 100% CSG tenements, and aims to start reserves certification from January 2009. It drops the director options proposal. The receiver will hold the shares short to medium term and wants a board seat.
26 Nov 2008investor presentation▲ Good
Blue releases a conference presentation on its 100% ATP 813P in the Galilee Basin, saying recent drilling and seismic highlight a large CSG 'fairway'. It repeats the 15.3 Tcf P50 GIP; a production test well is still in planning.
21 Nov 2008joint venture update▼ Bad
Blue acknowledges Odin's termination of the Spinel farm-in and its $4.5m refund demand. It says it will strenuously defend any legal proceedings. No detail on the merits is given.
20 Nov 2008material agreement termination▼ BadMajor
Odin Energy says it has terminated the Spinel Block farm-in agreement with Blue and demands return of the $4.5m it contributed. It has started legal proceedings. This puts the Spinel farm-in, where Odin held 25%, in dispute.
31 Oct 2008quarterly activities report● Neutral
September quarter report recaps Cerulean #2, Sapphire #1 and Carolina #1 results and the Stanwell alliance. Cash is $19.2m, down from $22.6m in June. Cerulean #2 flow testing is planned for early Q4 2008.
22 Oct 2008annual report● Neutral
The 2008 annual report recaps the year: $34.6m equity raising, 21.3 Tcf P50 resource estimate, PNG permits and ATP 896A acquired. The chairman says the receiver's seizure of 25.6% of shares has suppressed the market value. Extract is truncated; no new events.
21 Oct 2008drilling result▲ GoodMajor
Carolina #1 in ATP 813P intersected 21m gross pay (about 17m net coal) at 830-990m, with Betts Creek-type coals. Samples are producing gas. Results are within the range used for the 15,250 Bscf P50 GIP estimate, so it confirms rather than raises it.
15 Oct 2008other● NeutralMajor
Blue says it will focus capital on projects with near-term revenue, citing the Stanwell deal, and advance a mini LNG plant proposal. It may farm out its 100% 800-series permits to conserve cash. Chairman Cockcroft takes an executive role to hit milestones by end-December 2008.
29 Sept 2008drilling spud● Neutral
Blue spudded Carolina #1 in the 100% ATP 813P in the Galilee Basin, next to Galilee Energy's area where Rodney Creek 8 recently succeeded. It is part of the up-to-15-well program. Earlier GIP estimate for the permit is 15,250 Bscf (P50).
25 Sept 2008annual report● Neutral
Statutory accounts for the year to 30 June 2008 are lodged. The extract is truncated before any financial figures, so it shows only the directors' report: board changes, with Byrne appointed 15 Sep 2008 and Oussa retiring as Managing Director in Feb 2008.
19 Sept 2008director officer appointment● Neutral
Denis Byrne, chairman of Stanwell Corporation, joins Blue's board as a non-executive director. Stanwell is Blue's 19.6% holder and 25-year gas alliance partner. He is a lawyer and former Takeovers Panel member.
19 Sept 2008drilling result▲ GoodMajor
Sapphire #1 in the 100% ATP 814P (near Moranbah) found 71m of gross potential gas-bearing coal before stopping at 850m due to rig limits. Net coal of 20.3m matches the earlier GIP assumptions. Gas testing is pending; a follow-up well is planned if it confirms.
2 Sept 2008drilling progress report● Neutral
A multi-permit seismic program starts in the Western Area of ATP 814P, near the Sapphire #1 core well, to identify more drilling targets. ATPs 813P, 819P and 854P will follow over coming weeks.
1 Sept 2008director officer appointment● NeutralMajor
Chairman Nick Stretch resigns as chairman and director. Peter Cockcroft becomes Acting Chairman. Stretch was the Chimaera representative, and Chimaera's shares are subject to the receiver's security claim. The board composition is under review.
27 Aug 2008drilling spud● Neutral
Blue starts the Sapphire #1 core well in the Western Area of its 100% ATP 814P, north east of Moranbah and about 25km from the Moranbah to Townsville pipeline. It targets the Moranbah Coal Measures. First drilling on this tenement.
21 Aug 2008director officer appointment● Neutral
Peter Cockcroft, a gas-development and reserves-definition specialist, and Stephen Harrison, a financial services and private equity veteran and founding shareholder, join as non-executive directors. They fill the board after CVC's nominees left.
14 Aug 2008security holder rights change● Neutral
The receiver says no shares under his control have been sold and he does not intend to sell on market. Blue aims for an orderly sale to a long-term strategic buyer. About 6m shares were sold by placement holder Abasus.
8 Aug 2008flow test result▲ GoodMajor
Cerulean #2 in ATP 854P flowed gas to surface strongly enough to support a flare. Water injection testing met its objectives. A work-over rig will fit a pump to measure gas rate. The tenement is one designated for the Stanwell supply.
7 Aug 2008asset acquisition disposition● NeutralMajor
CVC sells its 87.28m Blue shares (19.9% holder) for 40c each, a 35.59% premium to the prior close of 29.5c. Its nominee directors Beard and Highland resign. CVC keeps its 5m options.
7 Aug 2008material agreement▲ GoodMajor
Queensland government-owned Stanwell buys CVC's 19.6% stake at 40c and signs a 25-year Alliance Agreement for up to 8.5PJ a year of Blue's gas (213PJ total) for a gas-fired power project. Stanwell funds development; Blue funds reserve certification. Blue keeps 100% of the tenements.
31 July 2008quarterly activities report● Neutral
June quarter report recaps the 21.3 Tcf gas-in-place estimate and the Azure and Cerulean results. It notes a Chief Financial Officer appointed. Cash is $22.6m, down from $28.3m in March.
15 July 2008drilling spud▲ Good
Blue begins drilling Cerulean #2, a production test well in ATP 854P near Injune and a gas pipeline. It follows Cerulean #1's gas-bearing coal and aims to gather data on gas production. Blue says it has funds for the initial exploration stage.
11 July 2008security holder rights change● Neutral
Clarifies that the receiver controls 113.5m shares (25.56%), fewer than first feared. Blue is discussing an orderly competitive sale, and says several substantial parties have registered interest in the whole parcel. Fortis's 5.85% stock-borrowing position has mostly been sold.
8 July 2008security holder rights change▼ BadMajor
Blue halted trading after Primebroker Securities went into receivership. Chimaera says 138.2m shares (31.1%) are under ANZ security, including 27.85m linked to director Oussa. Blue says it is fully funded and has no facility with Chimaera.
25 June 2008drilling result▲ Good
Azure #6 in ATP 817P recovered about 6.1m of gassy Bandanna coal, the thickest of the three Azure wells. Blue says it is consistent with the assumptions behind the 20 June gas-in-place estimates.
