Blue Energy Limited ,a rapidly evolving energy exploration company, provides the following update to the market.
ATP814P – Bowen Basin (100% Blue Energy)
As a direct result of a data sharing agreement between Blue Energy, Netherland, Sewell and Associates (NSAI) and several other Coal Seam Gas operators in Queensland, NSAI has revised its assessment of the Sapphire Block in ATP814P.
Based on adjacent well and production data from the data sharing arrangement, together with Blue Energy’s Sapphire 1, 2 and 3 coreholes, NSAI has identified 39 Petajoules (PJ) of 3P reserves within the Fort Cooper and Rangal Coal Measures in the Sapphire Block. Whilst the 3P reserve classification includes Proved, Probable and Possible reserve categories, this recent assessment of 3P reserves in the Sapphire Block is composed of Possible reserves only.
Whilst these initial reserve numbers are very modest, this assessment provides a focus for the location of initial pilot production wells in this block, which will in turn provide a mechanism for the start of the conversion process of more current Contingent Resources into Reserves.
[mappress] Source:Blue Energy , July 21, 2011;