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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	BUL
Latest Price:	0.08 (4.11% )
52-week High:	0.12
52-week Low:	0.06
Market Cap:	54.91M

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Blue Energy

Blue Energy (ASX: BUL) is a rapidly evolving energy exploration company strategically positioned with abundant coal seam gas (CSG) assets throughout Queensland to meet the rising demand for cleaner power.

Blue Energy has a vision to be Australia’s leading mid-sized coal seam gas exploration and production company with gas reserves in excess of 1 trillion cubic feet of gas within five years.

Blue Energy has developed an extensive CSG exploration portfolio, with an asset base of eight CSG operated petroleum exploration permits. Blue Energy also has interests in conventional assets in the Cooper/Eromanga Basin.

Blue Energy releases drilling update for Galilee Basin Well in Queensland

Friday, November 27, 2009

Blue Energy (ASX: BUL) has released an update on the latest drilling program at the company's Galilee Basin Well in Central Queensland.

The energy exploration company advised the Kanaka 1 CSG corehole in the Galilee Basin permit (ATP813P) is currently at a depth of 944 metres and coring ahead in Triassic Rewan Formation.

Intermediate casing has been run and set at 830 metres and has isolated the Jurassic aquifer section.

It is expected that the well will intersect the primary objective Permian Betts Creek Beds within the next few days.

Kanaka 1 is the first in a 10 well corehole program to be conducted by Blue Energy in ATP813P to investigate the Coal Seam Gas (CSG) potential of the Permian aged Betts Creek Beds and Aramac Coal Measures.

The well is located approximately 30 km northwest of the township of Aramac in Central Queensland, while AGL’s Glenaris pilot CSG project is located approximately 60 km to the southwest.

The Monslatt 1A CSG core hole in ATP814P located approximately 100 metres to the northwest of the Monslatt 1 stratigraphic well is currently at a depth of 511 metres and preparing to isolate a reactive coal zone by setting a cement plug before coring ahead.

The reactive zone was cored and contained a 6 metre coal seam which has, to date, yielded up to 18.4 m3/tonne of gas (raw) with a preliminary composition of 95% methane. This result is from the first 3 days of desorption testing.

Earlier, two Drill Stem Tests (DST’s) were conducted on separate coal zones with DST 2 (over the interval 389 metres to 402 metres) producing gas to surface.

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