Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Sept 2012annual report● Neutral
2012 annual report for the year to 30 June. It cites doubled acreage, first Sapphire gas and 3P reserves up 92%. Goals for 2013 include commercial flow rates and 1,000PJ 3P within 12 months. Text provided is only the front section, so financials are not summarised.
3 July 2012flow test result▲ GoodMajor
Sapphire 4 began flowing gas almost immediately after pumping started. Monslatt 7/8H reached continuous gas flow, but below economic rate. KOGAS said it will exercise its ATP814P farm-in option, which starts non-exclusive talks. No terms have been discussed and no deal is certain. This resolves the open KOGAS option thread.
3 July 2012investor presentation● Neutral
July 2012 presentation restating the 3,000PJ 3P by 2014 goal, 75PJ 3P and 2,788PJ 3C. It reports $23.6m cash at 31 March, 1,139.3m shares and 54,377km2 of acreage. The Sapphire success case is now up to 300PJ 2P. Largely repeats known facts.
8 June 2012drilling progress report● Neutral
Sapphire 4 is being perforated and fitted with pumps, with pumping expected within a week. Monslatt 7 and 5P are near maximum drawdown after four-week government approval delays. Monslatt 6P is shut in and Monslatt 9 awaits a rig and approvals. No new gas results.
24 May 2012asset acquisition disposition▲ GoodMajor
Blue was named preferred tenderer for four Queensland exploration blocks, three in the Georgina Basin and one in the Carpentaria Basin, covering 31,280km2 at 100%. Native title agreements and environmental authorities are needed before grant. This adds a new shale gas and oil thread.
3 May 2012other▼ Bad
Odin Energy says its court action against Blue and subsidiary Kompliment will be heard on 22 October 2012. Odin seeks over $4.5m, rising above $6m with interest and costs. Odin settled with Great Artesian Oil & Gas. This continues the open Odin dispute.
13 Apr 2012capital raising announcement▲ GoodMajor
The Share Purchase Plan raised $17.6m, scaled back to $13.5m by the 30% placement-capacity limit (Rule 7.1), issuing 215.6m shares. With the approved $10m placement, this resolves the funding thread after cash fell to $5.3m. Ellice-Flint was elected Executive Director.
What it means for a shareholder
216m new shares at about A$0.0816 to raise about A$17.6m. That's 74% dilution: every existing holder's slice gets 74% smaller. If you held A$1,000 of shares (12,250 at the issue price), your slice goes from 0.0163% to 0.00422% of the company. To keep it you'd need 35,215 more shares - about A$2,875 at the issue price.
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14 Mar 2012half year report● Neutral
Half-year accounts to 31 December 2011: net assets fell $1.7m to $66.2m, largely from exploration and corporate spending. Rod Cameron joined the board 15 Nov 2011. Monslatt wells were returned to pumping late December. Maryborough permits still await grant.
9 Mar 2012capital raising announcement● Neutral
Formal Share Purchase Plan offer: $2,000 to $15,000 per eligible holder at 6.25c, underwritten to $4m by Intersuisse. The $10m placement and Ellice-Flint appointment depend on a 5 April general meeting. The offer also includes an operations update.
2 Mar 2012capital raising announcement● Neutral
The Share Purchase Plan timetable was delayed by documentation and approvals work. Offers go out 8 March and close 5 April, at 6.25c, up to $15,000 per holder. Intersuisse underwrites $4m.
16 Feb 2012capital raising announcement▲ GoodMajor
Blue secured a $10m placement of 160m shares at 6.25c, a 20% discount to the five-day VWAP, plus a Share Purchase Plan at the same price. John Ellice-Flint, ex-Santos MD, will join as Executive Director on $200,000 salary plus 41.2m shares and options. Subject to shareholder approval.
What it means for a shareholder
160m new shares at A$0.0625 to raise about A$10.0m. That's 68% dilution: every existing holder's slice gets 68% smaller. If you held A$1,000 of shares (16,000 at the issue price), your slice goes from 0.0213% to 0.00681% of the company. To keep it you'd need 34,133 more shares - about A$2,133 at the issue price.
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15 Feb 2012price query● Neutral
Blue responded to media speculation, confirming it is in discussions with several third parties about possible capital raising. No terms given. This follows cash falling to about $5m at December.
7 Feb 2012investor presentation● Neutral
February 2012 presentation repeating 75PJ 3P, 2,788PJ 3C and the 3,000PJ goal. It outlines a 2012 program: two new Sapphire pilot wells, Monslatt testing, and a lateral well in ATP854P. Success cases are up to 322PJ 2P at Sapphire and 500PJ 2P at Monslatt. Cash was $5m.
25 Jan 2012resource reserve update▲ GoodMajor
NSAI lifted Sapphire Block 3P reserves from 39PJ to 75PJ and 3C contingent resources from 284PJ to 326PJ, on Sapphire 4 results. Total 3C is now 2,788PJ. Pilot production testing is expected in the second quarter of 2012.
14 Dec 2011resource reserve update▲ GoodMajor
NSAI raised Monslatt 3C contingent resource by 156PJ to 1,451PJ recoverable, following the Monslatt 9 well, and gas in place by 448PJ. This confirms the earlier hint that the well would lift resources. Monslatt 6P is stimulated; four Monslatt wells will be on test.
25 Nov 2011drilling result▲ Good
Sapphire 4 finished at 940m with 62m net coal and was cased and suspended. It gave Blue's first gas flow from the Fort Cooper coals. The rig is released ahead of the wet season. NSAI is reviewing Sapphire 4 and Monslatt 9 data; Monslatt 6 is being nitrogen-stimulated.
15 Nov 2011investor presentation● Neutral
AGM presentation repeating the 3,000PJ 3P by 2014 goal, 39PJ 3P and 2,590PJ 3C. It admits reserves booking has been slower than hoped, citing weather, regulation and geology. Cash was $12m at 30 Sept. No new results.
28 Oct 2011drilling progress report● Neutral
Sapphire 4 (spudded 6 Oct) was at 715m and coring, with about 50m net coal. An open-hole test flowed gas from Fort Cooper coals, but not at commercially significant rates. NSAI will review Sapphire resources, currently 39PJ 3P and 284PJ 3C.
6 Oct 2011drilling result▲ Good
Monslatt 9 is cased and suspended, confirming coals up to 4m thick with gas up to 25 m3/t in the southern Monslatt Block. Preliminary data suggest it will extend gas in place and contingent resources. Rig moved to Sapphire 4, spudded 5 Oct. Pilot wells to go from 3 to 6 by year end.
30 Sept 2011director officer appointment● Neutral
Karen Johnson, an accountant with over 20 years' experience, joined the board as a non-executive director on 30 September 2011. She fills the board place left by Garry Button's June resignation (an inference from timing).
27 Sept 2011annual report● Neutral
2011 annual report recaps the year: first 39PJ of 3P reserves, 2,590PJ of 3C, 2,243PJ prospective. The 2012 outlook targets commercial flow rates, 1,000PJ of 3P within 12 months and gas sales agreements. Financials not in the supplied text.
23 Sept 2011drilling result▲ Good
Monslatt 9 reached 1,006m, intersecting 16 seams with about 35m gross coal and gas contents of 8-25 m3/t, plus gas-bearing shales. Rig moves next to Sapphire 4. Monslatt 4 and 6 completions slip to October amid regulator review of stimulation.
7 Sept 2011drilling progress report▲ Good
Monslatt 9 (spudded 26 August) is at 608m, with thick coals and raw gas contents of 14-22 m3/t. Blue says confirming coals within NSAI's 600m cutoff should raise contingent resource. Monslatt 7 gas rates are still being assessed.
25 Aug 2011drilling spud● NeutralMajor
Monslatt 9, a core and pilot well in the southern Monslatt Block, was due to start drilling, planned to 840m over about 21 days using Ensign Rig 60. Monslatt 7 gas flow has begun; commercial rates are needed before NSAI assigns 2P/3P reserves.
10 Aug 2011investor presentation● Neutral
Luncheon presentation repeating the goal of 3,000PJ of 3P by end 2014, equal to one LNG train of feed gas. It cites 2,589PJ of 3C and 39PJ of 3P, with no new results or announcements.
21 July 2011resource reserve update▲ GoodMajor
NSAI booked Blue's first reserves: 39PJ of 3P (possible only) in the Sapphire Block of ATP814P. Blue calls the number very modest. It is a start on converting contingent resources, targeted at the 6-10PJ a year supply MOU.
13 July 2011investor presentation● Neutral
Conference presentation setting a vision of 3 TCF of 3P reserves by end 2014, repeating known resources and the MOU. It lists 722.5m shares, $15m cash and Mathews Capital at 8.4%. Bowen plans are described as fully funded. No new results.
5 July 2011regulatory community update● Neutral
Blue is earning 75% of the Maryborough permits from Adelaide Energy. Native title agreements are signed and environmental authorities issued for ATP674A and 733A, and the joint venture is awaiting grant. Exploration is planned to start this year, with the US EIA citing shale potential.
30 June 2011director officer appointment● Neutral
Garry Button resigned as a director from 30 June 2011, because a restructure at Stanwell meant he could no longer act as its nominee. He chaired the Risk and Audit Committee. Stanwell has no board seat after this.
29 June 2011resource reserve update▲ GoodMajor
NSAI assessed ATP813P in the Galilee Basin at 554PJ recoverable 3C contingent resource plus 1,142PJ recoverable prospective resource, on 3,407PJ gas in place. This covers about 25% of the permit and is the first resource booking after the 2010 drilling.
