About

Blue Energy is a rapidly evolving oil and gas exploration company strategically positioned with abundant conventional and unconventional assets throughout Queensland and the Northern Territory to meet the rising demand for cleaner energy.

Blue Energy has a vision to be Australia’s leading mid-sized oil and gas exploration and production company and to continue to build the 3P reserve base and grow a liquids portfolio from our frontier acreage.

The vision is underpinned by Government policy, as Australia move to a cleaner, more fuel efficient lower carbon economy.

Since listing on the ASX in June 2006, Blue Energy has worked hard to establish a solid operational foundation with an experienced board and technical team.

We believe our team's experience and skills have the ability to enable Blue Energy as one of the leaders in our industry.

Given the experience and knowledge base our team possess, it holds Blue Energy in high regard to effectively execute its exploration strategy.

Blue Energy’s exploration focus is to leverage from the attractive geology and location of its majority-owned and operated conventional and unconventional oil and gas assets.

Fast Facts

Sustainability Heritage

Vision
Mission Strategy

Corporate Governance Policies

Director's Management

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Fast Facts

RESERVES

2P: 71 PJ
3P: 298 PJ
2P + 2C: 1,384 PJ
3P + 2C: 1,611 PJ

RESOURCE BASE

3C: 4,476 PJ

PROVEN BASINS

Bowen
Surat

EMERGING BASIN

Greater McArthur

SIGNIFICANT ADJACENT TENEMENT HOLDERS

SIGNIFICANT SHAREHOLDERS

History

Jan 2022	Netherland Sewell and Associates upgrade gas resource in Surat ATP 854 to 398 PJ 3C Contingent Resource (+300%)
Mar 2021	Blue executes (non binding) Heads of Agreement with Origin Energy to supply up to 300 PJ of domestic gas at Wallumbilla
Dec 2020	Blue executes (non binding)Heads of Agreement with EnergyAustralia to supply 100 PJ of domestic gas at Wallumbilla
Feb 2020	Netherland, Sewell and Associates issue resource upgrade in Hillalong Block of ATP 814 - 237 PJ 3C Contingent Resource
Nov 2019	Blue signs Heads of Agreement with Queensland Pacific Metals to supply of 112 PJ to Townsville
Dec 2015	Netherland, Sewell and Associates Inc issues reserves upgrade
Jan 2014	Blue secures 100% of Maryborough Basin permits.
July 2013	Blue Energy’s exploration portfolio expanded by 100% with Wiso Basin farm-in.
Mar 2013	Maiden 2P Reserves of 50PJ.
Dec 2012	New Maryborough Basin permits granted.
Sept 2012	Mr John Ellice-Flint appointed Chairman.
Jun 2012	New Shale Gas and Oil Permits double Blue Energy's exploration acreage portfolio.
Mar 2012	John Ellice-Flint joins Blue Energy and becomes substantial shareholder.
July 2011	Maiden 3P Reserves for ATP814P of 39PJ.
Mar 2010	Netherland, Sewell and Associates Inc. issues initial resource estimate.
Jun 2009	KOGAS takes 10% placement in Blue Energy.
Mar 2009	John Phillips joined the company as COO and was promoted to CEO as of April 2010.
Aug 2008	Stanwell acquired a 19.9% stake in the company from a former shareholder, executed Alliance Agreement to facilitate Gas Sale Agreement.
July 2008	ANZ Bank appointed Receiver to Primebroker Securities and took control of 113 million BUL shares under margin lending security. ANZ remain Blue Energy's largest shareholder.
Feb 2006	Energy Investments Ltd (EIV) invested in Blue Energy, changed it's name to Blue Energy and the listed entity as we know it today was established.
Nov 2004	Blue Energy commenced as a private petroleum exploration company with assets in several producing Australian Basins.

Vision Mission Strategy

VISION

Blue Energy has a vision to become Australia’s leading mid-sized oil and gas exploration and production company and to continue to build the 3P reserve base to 3TCF.

STRATEGY

Blue Energy will utilise our own work program to add value plus use adjacent competitor activity to enhance the value of Blue's portfolio wherever possible. In this way, Blue will minimise expenditure of our shareholders' funds, but maximise the benefit of competitor expenditure to Blue Energy.

COMMERCIAL OBJECTIVES

Achieve commercial gas flow rates from its North Bowen Basin assets.
Build Blue's 2P and 3P gas reserves and contingent gas resources base.
Continue to undertake work on the Production Licence applications for the ATP 814 permit resource in the Bowen Basin.
Add value to greenfield assets at the front end exploration phase
Maintain excellent safety record

Blue Energy seeks to service both the domestic east coast gas market plus the LNG export market, where approriate.

Blue has executed Heads of Agreements (non- binding) with Origin Energy and EnergyAustralia for the supply of gas for their domestic operations, delivered to Wallumbilla, for 10 years, with total contracted volumes up to 400 PJ. These gas volumes are set to underpin a gas pipeline construction to link the North Bowen Basin with the east coast gas market at Wallumbilla. Blue has aslo executed an MoU with Queensland Pacific Metals for the supply of 112 PJ of gas over 15 years to their proposed Townsville Nickel Refinery.

These agreements account for approximately 500 PJ of Blue's aggregate 4,476 PJ of Contingent Gas Resource. The active area in Blue's portfolio is the North Bowen Basin (ATP 814P) and these contracts are set to be primarily met from gas in this permit. These current gas supply agreements leave approximately 3,000 PJ of Blue's Contingent Resource book, un-contracted, which could be used to supply the export market, given the strong demand for gas globally and the tight supply currently being experienced.

Blue's strong financial and asset positions allows the company to negotiate from a position of strength in times of tight gas supply and rising gas prices, both globally and on the east coast, and therefore maximise commercial and shareholder outcomes. Through good Corporate Governance principles, Blue Energy’s Board of Directors will concentrate on demonstrating our ability to commercialise our gas resources.

Directors Management

Mr John Ellice-Flint

BSc (Hons) Harvard, AMP

Chairman, Executive Director

Mr John Ellice-Flint is an Australian-born businessman and Petroleum Geologist whose foresight and wide-ranging oil and gas industry credentials are...

Mr John Phillips

BSc (Hons), GAICD

Managing Director

John is a Petroleum Geologist with 38 years experience in the oil and gas industry. John joined Blue Energy as Chief Operating Officer in May 2009,...

Mr Mark Hayward

B. Bus(Acc), FCA, MAICD

Non-Executive Director

Mark has experience both locally and internationally in various industry sectors including energy and resources. Mark was a Partner at Ernst &...

HEALTH, SAFETY & ENVIRONMENT

Blue Energy is committed to providing a workplace that actively protects the health and safety of all personnel in every aspect of its business through the demonstrated safety leadership shown by Blue Energy Managers.

Blue Energy recognises that environmental considerations and responsibilities are an integral part of our operations
We are committed to complying with all regulatory standards

APPROVED UNDERGROUND WATER IMPACT REPORT FOR ATP 814P

Pursuant to the requirements of Chapter 3 (Sections 381, 382 and 386) of the Water Act 2000, Blue Energy Ltd. has developed an Underground Water Impact Report (UWIR) for its exploration operations within Authority to Prospect (ATP) 814P.

The UWIR for ATP 814P has been approved by the Department of Environment and Heritage Protection (EHP) and has a commencement date of 1 December 2012. Electronic copies (PDF) of the approved UWIR can be obtained by e-mail request to info@blueenergy.com.au or by phoning us at +61 7 3270 8800.

Community Ethics

OUR SOCIAL LICENCE TO OPERATE

Blue Energy interacts and engages with stakeholders in many towns and communities as part of the Company’s activities on exploration tenements across Queensland and the Northern Territory.

We are proud of our record and ongoing commitment to earn the respect of the various communities with which we are involved.

This approach has achieved extensive community and stakeholder support for, and approval of, our operations and of the way we conduct ourselves as guests in those communities.

At the same time, we are mindful that groups such as landholders, business owners, service providers, traditional owners, community groups, and other organisations, may be affected in some way by the work undertaken by Blue Energy.

With both primary industries and the energy sector being so vital to our everyday lives, it is therefore important that we continue to support community interest and involvement in all issues relating to our important energy sector.

STAKEHOLDERS

Blue Energy’s goal continues to be the building of effective and positive relationships in each of the locations in which we operate and to ensure our operations benefit local communities. Relationship-building is an ongoing process, and we are dedicated to fairly and effectively managing our stakeholder consultations, negotiations, and land access. Our relationships are built on:

transparent and open communications;
mutual respect; and
establishment and maintenance of relationships meeting, and where possible, exceeding expectations.

Understandably, landowners and others will continue to have questions and we take every opportunity to discuss all of the issues and to provide factual information about petroleum exploration.

We also view our role as working with stakeholders in areas such as planning work programs with consideration for landowner businesses and reaching agreement on operational aspects of our business that minimises our impact on the landowners’ activities. We have found most landowners receptive to our approaches.

Finally, we respect the rights of any who may not wish to pursue discussions regarding petroleum exploration activities.

COMMUNITY SUPPORT

We believe the exploration activities conducted by Blue Energy will bring economic growth and opportunities to local communities, including providing direct support to local organisations and events.

Our community sponsorships have includes:

Ballyneety Rodeo Club
Aramac Rodeo Club Inc
Summer Family Appeal
NeboQuick Shear
Aramac school
Nebo Bushmans carnival Inc
Flock and Ewe show
Maryborough Hospital
Muttaburra school

EXPLORATION, DEVELOPMENT & PRODUCTION

While industry media coverage centres on the activity surrounding Queensland’s major, high profile LNG export projects, these projects do not represent the exploration activities undertaken by Blue Energy.

Exploration is finding a petroleum opportunity, drilling the opportunity and if successful appraising it to determine commerciality. This process is essentially similar for both conventional and unconventional hydrocarbons. Such activities can be as minimal as conducting desktop studies which can lead to drilling of stand-alone core holes or exploration wells and with success, to multiple pilot appraisal wells that are production tested for up to 12 months. Alternatively, conventional oil and gas exploration wells can be tested then additional appraisal wells drilled to confirm the extent of any hydrocarbon accumulation.

Compared to development and production activities, exploration is low in intensity (well numbers) and uncertain in outcome (it may fail or might succeed). In fact, petroleum exploration activities have been ongoing in many areas of Queensland for decades and have commonly gone unnoticed because of the relatively small impact.

THE ENVIRONMENT

Blue Energy understands and fully endorses the need to protect valuable aquifers. Fortunately, CSG does not come from prolific or high quality conventional aquifer sands, such as key sandstone aquifers of the Great Artesian Basin.

To produce CSG, the target coals need to have very limited connectivity to aquifer formations; otherwise, only water would be produced with no gas. A report from Geoscience Australia to the Australian Government recommends a precautionary approach but concludes the risk of impact from CSG production is minimal to the clean aquifers of the Great Artesian Basin. This point is being confirmed by more and more scientifically robust studies which highlight specific and localised areas of impact and concern, and which will be the focus for monitoring and mitigation of impacts.

The petroleum industry is heavily regulated, and has been for many decades. In Queensland, the Petroleum and Gas Act underwent a major regulatory update in 2004. Each year since then, more regulations have been installed and continue to be added. For each of Blue Energy’s exploration tenements, we operate under an Environmental Authority that can have more than 100 conditions specific to the area of the permit. At present, the current number of regulations and conditions are estimated to total around 2,500 for exploration activities.

Corporate Governance Policies

BLUE ENERGY ANNUAL CORPORATE GOVERNANCE STATEMENT

The ASX Corporate Governance Council has published Corporate Governance Principles and Recommendations (most recently amended on 1 July 2014) which specify the following material that should be made publicly available on an ASX Listed Entity’s public website. The Board has adopted the revised Corporate Governance Principles and Recommendations 3rd Edition, subject to the exceptions noted in the more detailed corporate governance statement found in the policy links below.

Principle 1 - Lay Solid Foundations For Management and Oversight
(Guide to Reporting on Principal 1, Recommendation 1.3)

The Board Charter, sets out the matters reserved for the Board and those matters delegated to various committees and to senior executives.

Principle 2 – Structure The Board To Add Value

(Guide to Reporting on Principal 2, Recommendation 2.6)

Blue Energy does not have a dedicated Nomination Committee but rather the task of developing and implementing policies and procedures for nomination, selection and appointment of new directors as well as the re-election of incumbent directors is dealt with by the full board.

Principle 3 – Act Ethically and Responsibly

(Guide to Reporting on Principal 3, Recommendation 3.3)

Code of Conduct
Blue Energy has established an organisational code of conduct having regard to the Australian Standard 8002-2003 and to the suggestions set out in the ASX Corporate Governance Principles and Recommendations – Recommendation 3.1. Our Code of Conduct sets out our key corporate values, our commitment to compliance with laws and regulations, behavioural standards that are expected from our people and our commitment to act with honestly and integrity in our business dealings and in our dealings with the general community. Individuals have a positive obligation to report unethical behaviour and the Company has established procedures for investigating such reports.

Blue Energy has established a Diversity Policy, having regard to the suggestions set out in the new ASX Corporate Governance Principles and Recommendations. Our diversity policy covers gender, age, ethnicity and cultural background. Due to the size and nature of Blue Energy’s operations the board has not established measurable objectives for achieving gender diversity, but rather has adopted a range of internal policies and procedures such as a nomination process for directors, and a recruitment and selection process for staff, all of which are designed to promote diversity.

Principle 4 – Safeguard Integrity In Financial Reporting

(Guide to Reporting on Principal 4, Recommendation 4.4)

The Risk and Audit Committee Charter, sets out the procedures for the selection and appointment of external auditors, and for the rotation of external audit engagement partners

Principle 5 – Make Timely And Balanced Disclosure

(Guide to Reporting on Principal 5, Recommendation 5.2) Blue Energy has established a compliance program based upon the principles set out in the Australian Compliance Standard AS 3806:2006 which is designed to ensure compliance with a range of legal, regulatory and corporate governance obligations including the disclosure requirements set out in the ASX Listing Rule and the ASX Corporate Governance Principles and Recommendations. Blue Energy monitors compliance with these obligations through our on-line governance, risk and compliance software system CompliSpace Assurance.

Our key disclosure policies are:

Continuous Disclosure

Blue Energy has established a Continuous Disclosure Policy, having regard to the suggestions set out in the ASX Corporate Governance Principles and Recommendations and in ASX Guidance Note 8 – “Continuous Disclosure – Listing Rule 3.1”. Our continuous disclosure policy details our legal obligations with regard to continuous disclosure and establishes materiality guidelines designed to assist the board in its decision making process. Blue Energy has appointed a continuous disclosure manager who is responsible for ensuring that the specific processes and procedures outlined in our continuous disclosure policy are implemented properly.

Periodic Disclosure

Blue Energy has established a disclosure policy that details our legal obligations with respect to periodic disclosure such as half year and full year reporting. All periodic disclosure obligations are identified and allocated to individuals who are responsible for completion of these tasks. These tasks are then monitored through our compliance program.

Securities Trading Blue Energy has established a Securities Trading Policy, that complies with ASX Listing Rules 12.9 - 12.12 and has regard to ASX Guidance Note 27 – “Trading Policies”. Our securities trading policy establishes closed periods between the end of the financial year and half year and the release of our financial results for these periods. All employees are restricted from trading in the company’s securities during closed periods unless they have obtained written authority to trade.

Such authority will only be provided in the event of severe financial hardship or the fact that a person’s circumstances are otherwise exceptional and that the proposed sale or disposal of the relevant securities is the only reasonable course of action available. Directors, officers and certain other employees, who may be privy to inside information, (“restricted persons”) have additional restrictions placed upon them and must not trade in the company’s securities at any time during the year without first obtaining written authority to do so. All employees receive training with respect to insider trading prohibitions and the requirements of our securities trading policy.

Principle 6 – Respect The Rights Of Shareholders

(Guide to Reporting on Principal 6, Recommendation 6.2)
It is Blue Energy’s desire to empower our shareholders by communicating with them effectively, giving them access to balanced and understandable information about the company, and making it easy for them to participate in general meetings. A copy of Blue Energy’s Shareholder Communication Policy is. It is designed to promote effective communication with shareholders

Principle 7 – Recognised and Manage Risk

(Guide to Reporting on Principal 7, Recommendation 7.4)
Blue Energy has established and documented an enterprise risk management program for the oversight and management of the company’s material business risks. This enterprise risk management program is based on the International Risk Standard AS/NZS ISO 31000:2009 and is complemented by our internal control program based upon the principles set out in the Australian Compliance Standard AS 3806:2006.
Blue Energy has fully documented a common risk language through which it considers internal risks such as those arising from areas such as financial and human resource management, and external risks such as those raising from dealings with key stakeholders and macro environmental issues such as a natural disaster or economic events beyond our control.
In assessing our material business risks, each identified risk is individually assessed in terms of the likelihood of the risk event occurring and the potential consequences in the event that the risk event was to occur. The company’s on-line governance, risk and compliance software system CompliSpace Assurance allows material business risks to be linked to mitigating controls so that the performance of the Company’s enterprise risk and compliance programs can be monitored continuously.

Principle 8 – Remuneration Fairly And Responsibly

(Guide to Reporting on Principal 8, Recommendation 8.1)
Blue Energy does not have a dedicated Remuneration Committee but rather the task of ensuring that the level of director and executive remuneration is sufficient and reasonable and that its relationship to performance is clear is dealt with by the full board.

Blue Energy Constitution

Blue Energy Constitution 2008

Blue Energy Employee Incentive Plan

Employee Incentive Rights Plan 2020

Blue Energy Policies

Corporate Governance Statement - Effective 15th September 2020

Board Charter

Risk and Audit Committee Charter

Continuous Disclosure Policy

Shareholder Communications Policy

Securities Trading Policy

Diversity Policy

Board Evaluation Policy

CEO Performance Evaluation

Code of Conduct for Directors and Officers

Conflict of Interest Policy

Whistleblower Policy

Privacy Policy

Risk Oversight and Management Policy

Values

Company Values

Blue Energy is striving to leverage its large natural gas assets and return value to shareholders while helping bridge Australia’s energy transition gap through natural gas as part of the path to a Net Zero future. In our endeavours to deliver this vision, we manage our operations and business and make our decisions in line with the following values:

To prioritise safety, health, the environment, and the communities in which we operate.

To ensure that employees and contractors feel free to speak up about genuine concerns and to protect those that do;
To act with integrity, honesty and always within ‘the rule of law’ whilst remaining true to the Company’s values and accountable for its decisions and actions.
To respect and treat fairly employees, contractors and stakeholder’s;
To look for ways to improve how we carry out our operations and business activities through innovation and technology; and
To create value for the Company’s shareholders and investors.