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Market:ASX
Sector:Oil and Gas Exploration and Production
EPIC:BUL
Latest Price: 0.07  (0.00%)
52-week High:0.12
52-week Low:0.06
Market Cap:77.47M
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Blue Energy

Blue Energy (ASX: BUL) holds eight operated coal seam gas petroleum permits in the Bowen, Galilee and Surat basins in Queensland. It is also awaiting final award of four conventional permits within the Queensland portion of the Eromanga Basin.

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Blue Energy to carry through Adelaide Energy in CSG drilling program at Maryborough Basin

Tuesday, November 30, 2010
Blue Energy to carry through Adelaide Energy in CSG drilling program at Maryborough Basin

Adelaide Energy (ASX: ADE) purchased three permits in Queensland’s Maryborough Basin in early 2010, and after extensive dealings with various native title groups and Queensland Government regulators, the purchase of the main permit (ATP 613P) has been completed.

Adelaide Energy expects the other two permits, ATP 674P and ATP 733P, also subject to the agreement, to follow shortly.

Blue Energy (ASX: BUL) carries Adelaide Energy through a 9 hole drilling program by farm-in, at the end of which Adelaide Energy will have a 25% interest in the permits.

Potential plays from the Maryborough Basin include coal seam gas, shale gas and tight conventional gas, with the forward plan to core wells and pilot wells as required to assess productivity of the Burrum Coal Measures

Carl Dorsch, managing director of Adelaide Energy, said “Now that this deal has closed, ADE is looking forward to the work program commencing in 2011 to establish the coal seam gas (CSG) potential of these permits - which are in a great address located close to the Gladstone LNG export hub.

"Thereafter the joint venture is keen to explore the deeper shale gas and tight gas potential of the area."

 

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