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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 board approves Monslatt Appraisal Program

Thursday, February 25, 2010

Brisbane-based Blue Energy (ASX: BUL) has approved expenditure to undertake an accelerated appraisal drilling program in the Monslatt area of ATP814P.

The appraisal program will consist of up to 15 stratigraphic and core wells together with several pilot production wells.

This additional activity will be used to compliment the resource assessment process currently underway with Netherland, Sewell and Associates in Dallas.

The prioritisation of the Monslatt area comes after the very encouraging results obtained from the drilling of the Monslatt 1,1A, 2 and 3 wells in December 2009 and January 2010. These wells identified the existence of good quality multiple thick coal seams in the Moranbah Coal Measure sequence which exhibited gas contents up to 23m3/tonne and high methane content.

In addition, the wells recorded high gas content shales (up to 10m3/tonne) from within the Moranbah Coal Measures.

To aid execution of this additional program, Depco rig D29 has been contracted to undertake some of this drilling activity in conjunction with Boart Longyear Rig 7 and Lucas-Mitchell Rig 180. Due to the flooding in and around Nebo/Moranbah this program is not expected to commence until early March 2010
ATP 814P Bowen Basin (BUL 100%):

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