14 Nov 2023investor presentation● Neutral
Managing Director's AGM presentation dated 14 November 2023. Visible text is only disclaimers and competent person statements; the rest is truncated, so no new figures are visible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2023drilling progress report▲ Good
Sapphire cooling motor repairs are complete and the pilot has resumed production testing, already flowing gas as the Sapphire 6V water level is pumped down. Ends the pump-repair delay after the long shut-in; no flow rate was given.
6 Nov 2023director officer appointment▼ Bad
Non-executive director Darren Greer, appointed in August, resigned immediately because his employer's policy changed. The board withdrew his election resolution from the AGM. Short tenure, and the board is down a director again ahead of McCreery's December start.
27 Oct 2023drilling progress report● Neutral
Clarifies the previous day's update: parts for the Sapphire 6V oil cooling pump arrive 30 October, with repairs expected done by late the following week, after which pumping and production testing can restart.
26 Oct 2023drilling progress report▼ Bad
While preparing to restart Sapphire production testing, an oil cooling motor on the Sapphire 6V pump overheated and tripped, curtailing pumping. Repairs are under way with no restart date given, so the pilot's return to gas flow slips further.
11 Oct 2023resource reserve update▲ GoodMajor
NSAI raised Sapphire Block 2P reserves 36% to 91 PJ and 3P 13% to 287 PJ. Contingent resources rose to 171 PJ 1C, 252 PJ 2C and 256 PJ 3C. This completes the Sapphire reassessment promised in July, and 2P now covers 80% of the QPM 112 PJ MoU volume.
6 Oct 2023director officer appointment▲ Good
John McCreery, a former Shell engineer and Bain energy consultant with M&A experience, will join as non-executive director from 1 December 2023. This starts to fill the board gap left by Deputy Chair Rod Cameron's departure.
4 Oct 2023drilling progress report● Neutral
The Sapphire pressure build-up test continues, with no gas produced and water at 60 barrels a day. Restart, previously targeted for 20 September, is pushed out about a week. A second R&D claim is due to be lodged, and a Land Court review is set for 16 November.
4 Oct 2023material agreement▲ GoodMajor
Blue and Origin refreshed their non-binding Heads of Agreement for up to 300 PJ over 10 years at Wallumbilla, 20-30 PJ a year, indicative start 2027, on terms similar to March 2021. Still non-binding and dependent on a Bowen pipeline being built.
20 Sept 2023regulatory community update▼ BadMajor
Qld Government declined all nine Potential Commercial Area applications over Blue's 100%-owned Galilee ATP 813, where NSAI estimated 838 PJ of 3C resource, saying it was not satisfied production would become viable within 15 years. Blue has 20 business days to appeal and is reviewing.
13 Sept 2023admin correction● Neutral
Appendix 4G governance checklist lodged with the annual report, confirming the corporate governance statement is current at 12 September 2023 and available on the company website. Administrative filing with no new business information.
13 Sept 2023annual report● Neutral
Annual financial report for the year to 30 June 2023. Visible text shows the board including new director Darren Greer and a basic loss of 0.08 cents per share versus 0.10 the year before. Financial statements are truncated.
5 Sept 2023regulatory community update▼ BadMajor
A group linked to Lock the Gate has appealed in the Qld Land Court against the Environmental Authority granted for ATP 814, with Blue joined as a party; impact on Sapphire timing is not yet known. Pilot was shut in for pressure testing, with gas to resume about 20 September. Blue received a $275,425 R&D rebate.
17 Aug 2023director officer appointment● NeutralMajor
Darren Greer, an engineer with 24+ years in oil and gas (Santos, Woodside, Senex), joins the board as non-executive director on 17 August 2023. Deputy Chairman Rodney Cameron, a director for over 12 years, resigns effective 30 September 2023.
31 July 2023resource reserve update● NeutralMajor
NSAI raised Lancewood 3C to 573 PJ (+32%) and Central 3C to 469 PJ (+53%), but moved Central's 75 PJ of 3P to contingent after Blue switched those two licence applications to lower-tier PCAs. ATP 814 2P falls to 66.5 PJ, 3P to 260 PJ. Sapphire review due within weeks.
20 June 2023investor presentation● Neutral
Corporate quarterly update presentation dated 20 June 2023. Visible text is only disclaimers and competent person statements; the rest is truncated, so no new figures are visible.
8 June 2023material agreement▲ Good
QPM's own announcement of a non-binding MOU with Blue to negotiate a gas supply agreement for Sapphire pilot gas, with signing sought soon after QPM completes buying the Moranbah Project. The pilot gas is only 3 km from its gathering system. Duplicates Blue's own release.
8 June 2023material agreement▲ GoodMajor
Blue signed a non-binding MOU to supply Sapphire pilot gas "as available" into QPM Energy's Moranbah plant, 3 km from the pilot. This gives a route to sell pilot gas, separate from the existing 7 PJ/yr, 15-year Townsville MOU, which remains. Engineering on tie-in starts shortly.
1 June 2023other● Neutral
Administrative notice: 178,062 performance rights vested and converted to ordinary shares under the employee incentive plan. The notice only lets those shares be on-sold without a disclosure document. Immaterial against about 1.85 billion shares on issue.
10 May 2023flow test result▲ Good
Sapphire pilot gas rate rose to 140,000 cubic feet a day from 100,000, with water steady at 200-250 barrels a day. The upward trend continues, but the rate is still a small pilot figure.
28 Apr 2023flow test result▲ Good
Sapphire pilot gas rate reached 100,000 cubic feet a day, up from 70,000, with combined water stabilising at 200-250 barrels a day. Gas keeps rising as dewatering continues, though the rate remains a small pilot figure.
5 Apr 2023flow test result▲ Good
Sapphire pilot gas rate rose to 70,000 cubic feet a day from 20,000 reported in February, held back by deliberately slow dewatering. Gas is 97% methane, which Blue says meets pipeline specification. Still a small pilot rate.
14 Mar 2023half year report● Neutral
Half-year report to 31 December 2022. The visible text restates the July 2022 reserve table and says the Sapphire drilling results are not yet in it; data goes to NSAI for an update. Financial figures are truncated and not visible.
16 Feb 2023flow test result▲ GoodMajor
Continuous gas flow is now recorded at the Sapphire pilots, the first measured rate: about 20 mcfd (thousand cubic feet a day) from the Sapphire 6 laterals, which is very small. Blue is dewatering slowly (265 and 183 barrels of water a day) and expects gas rates to rise over coming months.
21 Dec 2022flow test result▲ Good
Sapphire 5 well set was commissioned and a gas flare was seen on the 5L flare stack, confirming hydrocarbons. Commissioning slipped after heavy early-December rain. Dewatering of 5V will now gradually draw down pressure to build gas flow; no flow rates were given.
21 Nov 2022production update● Neutral
A pump and completion string are now installed in Sapphire 6V, as 5V already had. Surface facilities on the Sapphire 5 pad should be finished within a week and commissioned in the last week of November, with Sapphire 6 to follow.
21 Nov 2022drilling result▲ GoodMajor
Blue completed Sapphire pilot drilling: about 14,000 m of hole, about 8,000 m horizontal, 2 verticals and 7 laterals (5L1-L4, 6L1-L3), no lost-time injuries. The rig is released and production testing is due to start in the last week of November. No gas rates yet.
15 Nov 2022investor presentation● Neutral
Managing Director's presentation for the 15 November 2022 AGM. Visible text is only disclaimers and competent person statements; the rest is truncated, so no new figures are visible.
10 Nov 2022investor presentation● Neutral
Managing Director's presentation to the Noosa Mining Conference on 10 November 2022. Visible text is only disclaimers and competent person statements; the rest is truncated, so no new figures are visible.
1 Nov 2022drilling result● Neutral
Sapphire 6L2 drilled 1,336 m in seam and intersected 6V, with the liner run. The campaign now totals 12,465 m drilled, 7,581 m of it horizontal. The rig moves to 6L3. Sapphire 5V now has its pump installed.