Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2011drilling progress report● Neutral
Completions restarted after flooding; access restored to all Monslatt wells except Monslatt 6. Monslatt 5 is being prepared for water-jetted short laterals, and pilot production testing at Monslatt 7 (linked to the 8H lateral) is due to start within the week. No gas rates yet.
8 Dec 2010drilling progress report▼ Bad
Heavy rain in Central Queensland has deferred completion of the Monslatt pilot wells, with no damage. The completion rig resumed at Monslatt 7; radial drilling equipment is on site but also weather-exposed. Delays the reserve certification path.
30 Nov 2010farm in farm out completion▲ Good
Adelaide Energy completed buying the main Maryborough permit, ATP 613P, from Magellan; the other two permits are expected to follow. Blue carries Adelaide through a 9-hole program, with Adelaide ending on 25%; work is to start in 2011. This is Adelaide's announcement, not Blue's.
10 Nov 2010drilling result▲ Good
Monslatt 8H lateral reached 1,179m, intersected the Monslatt 7 well and found 340m of gas-saturated net coal in the P seam. Next are completions and pilot production testing, plus radial drilling from 19 November. No gas rates yet.
28 Oct 2010drilling progress report▼ Bad
Monslatt 8H lateral hit hole instability in the P seam, with drill pipe left down hole at about 942m; a sidetrack is being drilled. A radial drilling trial on Monslatt 4 and 6P is planned for mid-November.
5 Oct 2010drilling progress report● Neutral
Monslatt 8H lateral spudded 25 September; vertical scouting hole at 489m confirmed the P seam at 7m thick. About 20 days of drilling remain excluding weather. No flow results.
6 Aug 2010resource reserve update▲ GoodMajor
NSAI upgraded Monslatt: 2C rose to 1,206PJ from 121PJ, 3C fell to 1,937PJ, total contingent 3,143PJ (from 3,532PJ), with 1,295PJ recoverable. Also discloses a BBY claim for $2.082m, which Blue denies, and confirms Odin mediation failed and Stanwell's escrow ended.
22 July 2010drilling progress report● Neutral
Sapphire 3 finished at 627m with 35m net coal and was plugged. Monslatt 6 (520m) and new Monslatt 7 (459m) are cased awaiting an air rig to drill the P seam. Kerlong 1 in the Central Block spudded 19 July, at 87m.
7 July 2010farm in farm out agreement● NeutralMajor
Blue agreed to KOGAS's request to extend its farm-in option over ATP813P and/or ATP814P by 8 months, from 30 June 2010 to 28 February 2011. KOGAS cited tax uncertainty and flood delays; Blue aims for a farm-in commitment in early 2011.
29 June 2010drilling progress report● Neutral
Sapphire 3 spudded 19 June and is at 454m in the Rangal coals. Monslatt 6 pilot production well also spudded 19 June and is at 380m. No new results.
17 June 2010drilling progress report● Neutral
Ballyneety 1 reached 1,008m and will be plugged and suspended. Blue will analyse Galilee data before deciding on a second ATP813P phase. Sapphire 2 reached 1,050m, and Monslatt 5 pilot well reached 806m and has run casing.
3 June 2010drilling progress report● Neutral
Myross 1 reached 1,098m with 21m net coal, gas tests pending. Ballyneety 1 spudded 30 May. Sapphire 2 is coring at 614m, and the Monslatt 5 pilot well, spudded 29 May, is at 250m. No new gas results.
25 May 2010drilling progress report● Neutral
Monslatt 6C reached 959m with about 34m net coal, supporting pilot well plans. Monslatt 4 is at 812m total depth, to be suspended pending evaluation. Sapphire 2 spudded 21 May and Myross 1 is coring at 1,047m. No gas results yet.
3 May 2010drilling result▲ Good
Stainburn Downs 1, second ATP813P well, reached 1,200m with 20.4m of net coal; early gas readings are in line with Kanaka 1. The rig moves to Myross 1. Monslatt 5C has spudded and the Monslatt 4 pilot well is about to spud.
23 Apr 2010drilling progress report● Neutral
Stainburn Downs 1 is at 1,049m, preparing to core the Betts Creek target. The Atlas 3 rig is due to spud the Monslatt 4 pilot production well by 2 May, with Monslatt 5C stratigraphic hole starting after. No new results.
15 Apr 2010drilling progress report● Neutral
Drilling resumes after flooding. Stainburn Downs 1 is coring ahead from 982m toward a 1,250m target. Ballangarry 1 reached 602m and was plugged and abandoned as planned. Monslatt and Sapphire 2 pilot and core work are rescheduled for late April and May.
15 Mar 2010resource reserve update▲ GoodMajor
NSAI gives Monslatt (ATP814P) an initial gas-in-place resource: 121PJ 2C, 3,411PJ 3C and 3,630PJ prospective (shale). Not reserves yet; pilot wells are to start by 1 April. First independent resource figure for the Monslatt appraisal begun in December 2009.
11 Mar 2010drilling progress report▼ Bad
Flooding continues to delay drilling. Sapphire 2 and Stainburn Downs 1 (suspended at 980m) await access. Ballangarry 1 in ATP819P spudded 27 February, reached 253m, then stopped for flooding, with restart expected in about two weeks.
25 Feb 2010drilling scheduled▲ GoodMajor
The board approved an accelerated Monslatt appraisal in ATP814P: up to 15 stratigraphic and core wells plus several pilot production wells, adding a Depco rig. Work starts in early March after flooding. A new Surat Basin well, Ballangarry 1 in ATP819P, is also planned.
1 Feb 2010drilling result● Neutral
Monslatt 3 stopped at 718m ahead of flooding, with 22m of net coal and gas up to 21 m3/tonne. Stainburn Downs 1 is suspended at 980m after reaching the Betts Creek top with 5m of net coal. Floods from ex-cyclone Olga halted both rigs.
22 Jan 2010drilling progress report● Neutral
Monslatt 3 is at 546m with 12m of net coal and gas up to 11 m3/tonne. Stainburn Downs 1 in ATP813P spudded 19 January and is at 908m, with coring of the Permian target due shortly.
15 Jan 2010drilling progress report● Neutral
Monslatt 3 is at 311m, about to start coring. Heavy rain delayed the Galilee rig, which is preparing to move from Kanaka 1 to Stainburn Downs 1 about 15km south. No new results.
12 Jan 2010farm in farm out agreement● Neutral
Adelaide Energy (ADE) is buying Magellan's three Maryborough permits (ATP 613P, 733P, 674P) for $450,000. This is not a Blue transaction, but Blue's farm-in to earn 75% by funding the work program continues, with ADE now its counterparty. Native title agreements are still being finalised.
8 Jan 2010drilling spud● Neutral
Monslatt 3 in ATP814P spudded 6 January 2010, 1.5km from Monslatt 1A, to test how far the gassy shales extend. A production pilot well is planned between the two. The Galilee rig is stuck by rain after completing Kanaka 1.
23 Dec 2009drilling result▲ GoodMajor
Monslatt 1A reached 985m with 37m of gas-bearing coals and shales, coals up to 22 m3/tonne and shales up to 10 m3/tonne raw. Blue sees possible shale gas upside in ATP814P. Kanaka 1 finished at 1,300m with 24m of coal and gas up to 2.5 m3/tonne.
9 Dec 2009drilling result▲ GoodMajor
Kanaka 1, the second well in the ATP813P program, cored over 25m of coal with gas up to 3.1 m3/tonne raw. Blue says this is consistent with its 2008 estimate of about 15 Tcf (P50) gas in place; the coals correlate with Carolina 1 about 70km away.
7 Dec 2009drilling result▲ GoodMajor
Monslatt 1A in ATP814P has 29m of net coal, with samples up to 21 m3/tonne raw and 95%+ methane, above the roughly 15 m3/tonne reported at nearby Arrow. Blue is planning a pilot well and aims for reserves certification in early 2010.
26 Nov 2009drilling progress report▲ Good
Kanaka 1 in ATP813P is at 944m, expected to reach the Permian Betts Creek coals within days. Monslatt 1A in ATP814P is at 511m; a 6m coal seam has given up to 18.4 m3/tonne raw gas (95% methane), and a drill stem test flowed gas to surface.
18 Nov 2009drilling spud● Neutral
Kanaka 1, the first of 10 coreholes in ATP813P (Galilee Basin), spudded 16 November. Monslatt 2 in ATP814P finished at 858m, cased as a possible monitoring well, with gas up to 14.5 m3/tonne; a fault removed deeper coals. Monslatt 1A spudded.
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.
