Past year: ▲ 79900%(0.35c – 4.00 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2024drilling result▼ BadMajor
An independent review found a drilling fluid additive (viscosifier) appears to have damaged the coal at Sapphire, impeding gas flow. Gas is 129 mscfd, below pre-drill expectation and the 200 mscfd Moranbah well average. A low-cost twin re-drill is being considered.
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.
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.
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.
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.
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.
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.
20 Oct 2022drilling result▲ Good
Sapphire 6L1, the first lateral of the second pilot set, drilled 1,200 m in seam and intersected the 6V vertical well. The liner is run and the rig moves to 6L2. The campaign has now drilled 10,775 m in total.
4 Oct 2022drilling result▲ Good
Sapphire 5L4 drilled 1,300 m in seam and intersected 5V, completing the four-lateral Sapphire 5 set. A workover rig is preparing 6V and will then fit the 5V pump; the drill rig moves to Sapphire 6L1. No gas rates reported yet.
27 Sept 2022drilling result▲ Good
Sapphire 5L3 drilled 1,350 m in seam and intersected the 5V vertical well as planned, the third lateral. The rig has moved to 5L4, now at 520 m toward a planned 1,650 m. No gas flow results yet.
16 Sept 2022drilling result● Neutral
Sapphire 5L2 drilled 1,130 m in seam and intersected the 5V vertical well as planned, the second lateral of the pilot. The drill string then stuck in the lower horizontal section; the rig moved on to 5L3 and a cheaper completion rig will retrieve the string later.
6 Sept 2022drilling result▲ Good
Sapphire 5L1 drilled 1,155 m of horizontal in-seam section and intersected the Sapphire 5V vertical well as planned, the first lateral of the pilot. A liner will be run and the well suspended for later production testing. The rig moves to 5L2. Gas flow is not yet tested.
30 Aug 2022drilling progress report● Neutral
All four Sapphire 5L build sections are complete and the rig has started drilling the horizontal in-seam section of 5L1 (at 730 m), aiming to intersect the Sapphire 5V vertical well. No gas results yet.
24 Aug 2022drilling progress report● Neutral
Build sections for Sapphire 5L1, 5L2 and 5L3 are cased (727 m, 595 m, 377 m), and the rig is starting 5L4. Horizontal in-seam drilling follows once the builds finish. No new results.
15 Aug 2022drilling progress report● Neutral
Batch drilling of the Sapphire 5 lateral wells continues. 5L1's build section is cased at 727 m and 5L2 spudded on 13 August, drilling at 238 m. In-seam horizontal sections follow after the build sections. No gas results yet.
2 Aug 2022drilling result▲ Good
Sapphire 6V reached 900 m total depth, intersecting 44 m of net coal with strong gas shows, in line with 5V's 45 m. The rig moves to the first lateral, Sapphire 5L1, due to spud 3 August. The new funds will pay for a duplicate lateral set.
21 July 2022drilling spud● Neutral
Sapphire 6V, the second vertical well in the ATP814 pilot program, spudded on 20 July 2022. Target depth is 900 m, expected within about 3 days of drilling out of surface casing. Lateral wells follow in batches.
19 July 2022drilling result▲ GoodMajor
Sapphire 5V reached 850 m total depth in 3.5 days, intersecting 45 m of net coal, 20% thicker than predicted, in the same seams as the adjacent Moranbah project. Casing is cemented. The rig moves to Sapphire 6V. Gas flow is not yet tested.
14 July 2022resource reserve update▲ GoodMajor
NSAI upgraded the Sapphire Block (ATP814): 2P reserves up 13% to 66.5 PJ, 3P up 17% to 253.2 PJ, and 2C up 98% to 213.9 PJ. Company-wide 3C moves to 4,504 PJ in the July table. This is the first of the planned 2022 block reviews.
13 July 2022drilling spud▲ GoodMajor
Sapphire 5V spudded at 07:30 on 13 July 2022 after the rain delay. This is the first well of Blue's five-well ATP814 reserve-build program, which resolves the postponed spud.
4 July 2022drilling progress report▼ Bad
Blue postponed the Sapphire 5V spud, planned for 1 July, because of unseasonal heavy rain, and operations were temporarily suspended. No new date given. This is a further delay to the first well of the ATP814 program.
1 July 2022drilling spud● Neutral
Blue expects to spud Sapphire 5V on 1 July 2022, the first well of its ATP814 pilot program. It is a vertical water-production well to serve later lateral wells, about 2 km from Arrow's Moranbah project. The intended start follows the earlier delays.
17 June 2022drilling scheduled● Neutral
Civil works (well pads and cellars) at the Sapphire site are complete. The rig is due to mobilise from the Galilee Basin the following week, with the first well to spud around 1 July. Blue also cites the high Wallumbilla spot price of A$33.58/GJ.
26 May 2022drilling scheduled▼ Bad
Blue now expects Rig 23 to be released in late June, with the first Sapphire well shortly after. Heavy rain has delayed the rig's current operator, pushing the start back from the second week of June. Landholder agreements are in place and civil works have begun.
25 Jan 2022resource reserve update▲ GoodMajor
NSAI lifted ATP854 (Surat Basin, 100%) contingent resources by about 300%, with 3C rising from 101 PJ to 398 PJ. Company-wide 3C rises 7% to 4,476 PJ. Blue says ATP854 gas could be an initial supply option for the Origin and EnergyAustralia agreements. Four PCA applications await approval.
20 Jan 2022drilling scheduled● Neutral
Blue sought quotes for drilling, directional, cementing, wireline, completion and testing services for its 2022 ATP814 program. Quotes are due early February and contracts are expected to be awarded by end-February. A preparatory step; no contracts signed yet.
28 Feb 2019resource reserve update▲ GoodMajor
NSAI added 237PJ of 3C contingent gas in the Hillalong Block of ATP814P, lifting Blue's total 3C to 4,179PJ (from 3,942PJ). 2P (71PJ) and 3P (298PJ) reserves are unchanged. Adds resource but no sale or pipeline yet.
8 Dec 2015resource reserve update▲ GoodMajor
NSAI lifts ATP814P (Bowen, 100%) 2P reserves 29% to 71PJ and 3P 49% to 298PJ. 3C resource falls 13% to 3,011PJ for that permit. Delivers the upgrade flagged earlier; Blue says it is fielding multiple gas-buyer requests.
