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Blue Energy secures $7m

Blue Energy 7 million

Blue Energy has secured $7.05 million as part of its Sapphire Project Research & Development (R&D) claim lodged with the Australian Taxation Office (ATO).

The company received the funds as of 10 January 2024, and will be applicable to related R&D activities conducted by Blue during the 2023 financial year.

“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.

“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.”

The news follows significant progress within Blue’s Sapphire Block within the North Bowen Basin in Queensland.

In October 2023, the company upgraded its 2P and 3P gas reserves by 36 and 13 per cent respectively, to 91 petajoules (PJ) and 287 PJ.

It also increased its 1C, 2C and 3C contingent resources by 11, 18 and 19 per cent to 171 PJ, 251 PJ and 256 PJ.

In April 2023, Queensland Pacific Metals announced it entered into a conditional agreement to acquire the Moranbah Gas Plant (MGP), which will be used for its Townsville Energy Chemicals Hub (TECH) project at Lansdown Eco-Industrial Precinct.

Under the MoU, Blue will commercialise its pilot gas flow from the Sapphire Block in ATP 814, which is only 3km away from the MGP.

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