Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2008resource reserve update▲ GoodMajor
Blue estimates gas-in-place of up to 21.3 Tcf (P50) across its Queensland coal seam gas tenements. About 2,390 Bscf sits in ATPs 814P West, 817P Central and 854P. These are prospective resources, not certified reserves; certification is the next goal.
17 June 2008drilling result▲ Good
Azure #2 in ATP 817P recovered about 4.5m of Bandanna coal that is desorbing gas, with good cleats. Azure #6 will complete the current exploration program there. Adds to Azure #1's 4.9m.
16 June 2008investor presentation● Neutral
Notice of an audio stream of director Sharif Oussa's 13 June Gold Coast presentation. It carries no new information, only a link.
13 June 2008investor presentation● Neutral
Gold Coast conference presentation cites 440m shares, a $175m market capitalisation and $28m cash, with Azure 2 and 6 drilling ahead. Market cap is up from about $90m in February. Otherwise recaps known well results and the portfolio.
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.
30 Apr 2008quarterly activities report● Neutral
March quarter report recaps the start of drilling at Indigo #2 and Cobalt #1, and Williams's CEO appointment. Cash ended at $28.3m, from $31.4m at the start of the quarter. 11.2m employee options were granted. Mostly repeats known events.
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.
31 Jan 2008quarterly activities report● Neutral
December quarter report: Cobalt and Indigo seismic are done, ATP 896P and the PNG licences are secured, and Williams was appointed Chief Commercial Officer. Cash is $31.4m, down from about $34.5m in the late-November presentation. Mostly recaps known events.
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 2007quarterly activities report▲ Good
September quarter: the $34.6m raising closed, and Stretch became chairman. Blue was named preferred tenderer for ATP 896P (1,142 sq km), taking its CBM acreage past 28,000 sq km. It plans 34 pilots over 18 months. Odin paid $2.476m. Spinel targets are due by quarter-end.
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.
