Blue Energy Ups Queensland Asset CSG Reserves Estimate

Blue Energy Limited has announced a significant increase in gas reserves for the company's 100 percent-owned ATP814P coal seam gas asset in the Bowen Basin, Queensland, Australia.

The company on Tuesday said 2P reserves increase by 29 percent to 71 Pj ( approx. 12 million barrels oil equivalent), 3P reserves increase by 49 percent to 298 Pj ( approx.. 50 million barrels of oil equivalent)

Blue Energy's Managing Director, John Phillips, said the latest reserve upgrade was most timely for the company, especially with the growing demand for gas in the Townsville and North Queensland region.

“The company is currently fielding multiple requests from prospective gas buyers for discussions around the timing of development of Blue's reserves and its capacity to supply into the domestic market in the short term,' he said. “The reserve upgrade is especially pleasing, given the point in the cycle (low oil price), our low finding cost and with gas prices on the east coast trending upward toward $8-9 per GJ, the value of Blue's in-ground undeveloped 2P and 3P Reserves is quite substantial.”