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Blue Energy Limited

Blue Energy resumes drilling at Galilee, Bowen Basins gas prospects

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Blue Energy (ASX: BUL) has recommenced operations in both the Galilee and Bowen Basins following a prolonged delay due to the recent widespread flooding in in Queensland.

Access to the Stainburn Downs 1 site (ATP813P Galilee Basin) was re-established last week and Boart Longyear 7 rig has been mobilised from the Ballangarry 1 well in the Surat Basin to the Stainburn Downs 1 location.

Following conditioning of the hole, operations have recommenced and the rig is preparing to core ahead at a depth of 982 metres in the Permian Betts Creek Beds (primary target). The anticipated total depth for the well is 1,250 metres.

Access to the Monslatt 6C area (ATP814P Bowen Basin) has been re-established in the last week and efforts are now being focussed at preparing locations for the upcoming Pilot well drilling campaign and further stratigraphic and coring activity in the Monslatt block.

The company expects that the Depco 29 coring rig will be mobilised to site in the week commencing 26 April and Monlsatt 6C will spud shortly thereafter. This well is designed to establish stratigraphic control ahead of the proposed Monslatt 6 production pilot well which is expected to spud in early May.

Access to the Sapphire 2 drilling location has been also been re-established and the lease is being re-conditioned following the recent flooding. It is planned that Depco 29 rig will move onto the Sapphire 2 location on completion of the Monslatt 6C & 5C stratigtraphic wells.

John Phillips, Chief Executive Officer, said this is likely to occur in early May 2010.

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 14km east of Arrow Energy’s Moranbah Gas Project.

The Ballangarry 1 well (ATP819P Surat Basin) reached a total depth of 602 metres in the Cretaceous Doncaster Formation. Wireline logs have been acquired and this data, together with desorption samples will be evaluated more fully in the coming weeks.

In accordance with plan, the well has been plugged and abandoned. The Boart Longyear 7 rig has mobilised to ATP813P to complete the Stainburn Downs CSG corehole.

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