Blue Energy Limited (ASX:BLU) Releases Q4 2024 Quarterly Activities Report
Production Updates
Blue Energy Limited reported continued production testing of the Sapphire 5 and 6 pilot wells during Q4 2024. Production was temporarily interrupted due to surface facility maintenance issues, which have since been resolved. Gas production rates are increasing as the dewatering process recommences.
Financial Performance
The company reported a cash position of A$1.99 million as of December 31, 2024, with zero debt. Blue Energy expended A$0.796 million on exploration and evaluation activities, including costs related to the Sapphire Pilot project. Additionally, the company has lodged an R&D tax rebate for 2024, which is expected to be received within the current quarter.
Legal Developments
Blue Energy is actively working with the Queensland Government to secure outstanding PCA application tenures in its Surat and Bowen Basin acreage. The company is also progressing in its defence of the Land Court Appeal against the grant of an Environmental Authority for PL 1034.
Technical Exploration
In the Northern Territory, Blue Energy completed the interpretation of Geoscience Australia’s regional 2D seismic data in the Wiso Basin. The findings suggest potential stratigraphic correlations with gas-bearing formations in the McArthur Basin. The technical team is assessing potential drill sites to further evaluate oil and gas prospects. The company has also secured extensions for several exploration tenures, valid until February 2025, to accommodate delays in the seismic acquisition process.
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