Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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 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.
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.
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.
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.
14 July 2009drilling result● Neutral
Itude 1 reached 299m, with formations close to prediction and results in line with expectations. Lab analysis continues. The rig moved to Itude 2, 10km northwest. No gas or coal figures are given yet.
6 July 2009drilling spud▲ GoodMajor
Rig 180 began the first of three Walloon coreholes in ATP 854P. Itude 1 spudded on 6 July, planned to about 250m. This starts the program funded by the $22.3m SPP, aimed at feeding data to reserve certifiers.
16 June 2009drilling scheduled▲ GoodMajor
Rig 180 is now expected to start in ATP 854P on 11 July 2009. Five coreholes in ATP 896P are confirmed, with three more planned in ATP 814P and ten in ATP 813P, aiming for continuous coring to June 2010. Blue says the SPP money fully funds this.
29 May 2009farm in farm out agreement▲ GoodMajor
Blue signed a non-binding Heads of Agreement with Korea's KOGAS: a private placement for 10% of Blue at 20c per share, a board seat, and an option to farm into ATP813P and/or ATP814P to 30 June 2010. Subject to board, FIRB and any shareholder approvals.
23 Apr 2009farm in farm out agreement▲ GoodMajor
Blue completed stage one of its Magellan farm-in on ATP 613P, 674P and 733P and amended the deal. Blue becomes operator and can earn 75% (earlier context said up to 90%) via an agreed work program. P50 gas in place is 395PJ (about 372Bcf).
11 Mar 2009drilling scheduled▲ GoodMajor
The board approved a shallow Walloons CSG project in ATP 854P: three wells in the June quarter 2009, a pilot later in the year, and gas certification targeted for Q1 2010. It targets an initial 300 PJ. This shifts focus from the deeper Bandanna coals tested at Cerulean.
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.
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).
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.
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.
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.
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.
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 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.
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.
