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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	BUL
Latest Price:	0.07 (7.25% )
52-week High:	0.12
52-week Low:	0.06
Market Cap:	53.46M

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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 provides update on drilling activities

Friday, January 15, 2010

Brisbane-based energy exploration company Blue Energy (ASX: BUL) is pleased has updated the market in its drilling activities in the Bowen and Galilee Basins of Queensland.

The Monslatt 3 core well within the Bowen Basin is at a depth of 311 metres and drilling ahead toward intermediate casing point, with the company expecting the well to commence coring operations in the prospective coal sequence this Sunday.

As previously reported Monslatt 3 is located 1.5km from Monslatt 1A and has been positioned to allow a production pilot well to be located in between the Monslatt 1A and 3 wells.

Within the Galilee Basin, the Lucas- Mitchell Rig 180 is preparing to commence the rig move from the Kanaka 1 well to the Stainburn Downs 1 location, approximately 15 km south of the Kanaka 1 location.

Stainburn Downs 1 is a coal seam gas core well designed to evaluate the Permian aged Betts Creek Formation and Aramac Coal Measures. Due to the heavy rainfall in the area over Christmas and New Year, general access to the both locations has been difficult, however conditions have now improved to the extent that resumption of operations is possible. It is expected that Stainburn Downs 1 will spud early next week.

Blue Energy has developed an extensive CSG exploration portfolio, with an asset base of eight CSG operated petroleum exploration permits. The company also has interests in conventional assets in the Cooper/Eromanga Basin as well as offshore Papua New Guinea.

No investment advice

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