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 to optimise drill rig movements
Coal seam gas company, Blue Energy (ASX: BUL) has reported that significant rainfall and flooding events across Queensland since late January 2010 has affected drilling activities across the areas of operations in the Surat, Bowen and Galilee Basin.
As a result, gig movements have been optimised to ensure that the company can efficiently recommence drilling activity as specific areas become accessible.
ATP814P Bowen Basin (BUL 100%):
Sapphire 2: Access to the drilling location is expected to be re-established within the next week.
Once this occurs the Depco 1 drilling rig will be mobilised to site as soon as possible to commence drilling.
Sapphire 2 will target the Rangal, Fort Cooper and Moranbah Coal Measure sequences approximately 2.7km north east of the Sapphire 1 well drilled by Blue Energy in 2008. The location is only 14km east of Arrow Energy’s Moranbah Gas Project.
ATP813P Galilee Basin (BUL 100%):
Stainburn Downs 1: Access to the Galilee Basin acreage in general is still affected by recent flooding, and it is expected that access to the Stainburn downs 1 well (currently suspended at a depth of 980 metres) may be possible within the next two weeks.
ATP819P Surat Basin (BUL 100%):
Ballangarry 1: The Ballangarry 1 well spudded 27 February 2010 using Boart Longyear rig 7, and reached a depth of 253 metres, prior to ceasing operations due to flooding.
The well is located within an area protected by levy banks and therefore the rig was not inundated by floodwaters. However access into the area is still subject to floodwaters receding, and damage to roads in the general area may limit access for heavy trucks over the next week or so. Therefore it is not expected that operations to recommence at Ballangarry 1 for approximately two weeks.
