Blue Energy Increases Gas Resources in Bowen Basin (Australia)

Blue Energy Limited announced a 25% increase in its gas resources (3C Contingent Resource) to 3,481 Petajoules (PJ) for the Company’s Bowen Basin projects in Queensland.

An upgrade in the Company’s total Bowen Basin gas resource estimates was foreshadowed by the Company in February 2013 when it announced Blue’s maiden 2P reserves of 50PJ in the Sapphire Block of ATP814P.

The 25% higher 3C Contingent Resource follows the independent annual review of data associated with the Company’s 100% owned ATP814P and ATP854P blocks by Netherland, Sewell and Associates (NSAI).

Blue Energy’s Lancewood Block of ATP814P is the latest block within the Company’s portfolio to be assigned a maiden resource. The block is located immediately adjacent to Arrow Energy’s ATP1103P which is a critical component of Arrow’s Bowen Basin Gas Project which is expected to deliver gas to both Gladstone for export and to the domestic market.

NSAI has also reviewed data for Blue’s ATP854P and was able to estimate 103PJ of 3C Contingent Resources in the Permian Bandanna Formation. ATP854P is located immediately adjacent to the Fairview and Spring Gully gas fields and has the Wallumbilla-to-Gladstone gas pipeline passing through the permit.

Blue Energy’s Managing Director, Mr John Phillips, said the Company was continuing pilot testing operations within the Sapphire block aimed at further increasing the Bowen Basin gas reserves base.

Last year, Blue Energy also secured three large exploration blocks in the Queensland sector of the sparsely explored Georgina Basin, together with a fourth exploration block in the Carpentaria Basin in northern Queensland.

The following table highlights the current Reserves and upgraded Resource figures for the Blue Energy portfolio.

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LNG World News Staff, March 20, 2013

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