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Blue Energy enters 2024 on a high

Blue Energy

Blue Energy saw significant milestones across the second quarter of the fiscal year, especially at its acreage in Queensland and the Northern Territory.

At its Sapphire block in QLD, the pilot continues to flow gas at low rates from the Sapphire 6L3 and Sapphire L4 laterals.

Sapphire 5 laterals and the vertical water production well have been shut in to allow for maintenance of the hydraulic pump unit. This is expected to complete by early February.

Under the QLD Government Frontier Gas Exploration grants program, Blue Energy lodged an application to conduct new exploration drilling in ATP 814.

The company was also granted approval of its environmental management plan for the acquisition of 2D seismic within EP 205 and 207 in the NT. The raw data of this will be available in March.

Blue also received a rebate of $7.05 million as part of its Sapphire project Research & Development (R&D) claim lodged with the Australian Taxation Office (ATO).

“Blue’s eligibility for the R&D rebate highlights Blue’s innovative approach to gas exploration as assessed by both Austrade and the ATO,” Blue Energy managing director John Phillips said at the time.

“This R&D rebate provides Blue with significant, non-dilutive funding for the ongoing exploration and appraisal of its portfolio of domestically focused gas exploration projects.”

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