Blue Energy closes in on Queensland gas breakthrough

Blue Energy (ASX: BLU) managing director John Phillips joins Small Caps to discuss the company's gas developments in Queensland.

The company recently revealed a 36% increase in the estimated total proved and probable (2P) reserves in its Sapphire Block gas development.

The new independent assessment of the Sapphire project also provided a 16% increase in 3P+2C aggregate gas resource available to 543pj of recoverable gas.

The reserves and resources upgrade support the gas supply volume required under a non-binding memorandum of understanding between Blue Energy and Queensland Pacific Metals.

In June, Blue Energy signed a non-binding MOU with Queensland Pacific Metals Energy (QPME) to facilitate the supply of gas into the latter's newly acquired Moranbah Gas Project plant at Moranbah.

The QPME transaction provides Blue Energy with a simple path to the commercialising of its pilot gas flow from the appraisal pilot well production testing activities being currently conducted in the 100% held Sapphire Block.

Blue Energy also recently confirmed that Origin Energy will continue to progress an existing non-binding, gas supply heads of agreement.

Articles:
https://smallcaps.com.au/blue-energy-significant-sapphire-gas-reserves-resources-upgrade/
https://smallcaps.com.au/blue-energy-origin-agree-update-gas-sales-deal/
https://smallcaps.com.au/blue-energy-continues-add-shine-sapphire-gas-project/

For more information on Blue Energy:
https://smallcaps.com.au/stocks/asx-blu/

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