QUARTERLY REPORTS

Key Highlights Blue awarded four Potential Commercial Area tenures: PCA’s 180, 181, 182 and 183 by the Queensland Government covering ATP 854 in the Surat Basin area of Queensland. Blue holds 100% equity in ATP 854 and the PCA’s. Blue continues mapping out the Deep Permian potential of ATP 854 following the early-stage success of…

KEY HIGHLIGHTS Progressing environmental data acquisition to meet Environmental Authority requirements for PL 1034 (Sapphire) development In parallel, planning is underway for a new well in PL 1034. Blue has 91 PJ of 2P Gas Reserves+ and 1,617 PJ of 2C Gas Resources+ (2P+2C = 1,708 PJ) Blue has $4.97 million of cash and zero…

KEY HIGHLIGHTS PL 1034 Granted – The Department of Natural Resources, Mines, Manufacturing and Regional and Rural Development granted Petroleum Lease (PL) 1034 over the Sapphire Block on 5th September Capital Raise – 2 Tranche Placement and SPP –successfully conducted. Placements raised $ 3.2 million (excl fees) and the SPP raised a further $2.6 million…

KEY HIGHLIGHTS Blue Energy has been awarded PCA 336 & PCA 337 by the Queensland Government. These two PCA’s are located in ATP 814 near Moranbah in Central Queensland (see Figure 1) and contain significant Contingent Gas Resources (a combined 1,042 PJ+ of recoverable gas in the Contingent Resource category) Blue Energy’s management continues to…

Key Highlights The legal matter before the Land Court of Queensland (Land Court) relating to Blue Energy’s Sapphire asset was resolved. The Land Court of Queensland in its decision on the matter has granted an amended Environmental Authority (EA) to Eureka Petroleum Pty Ltd (100% subsidiary of Blue Energy) in respect to production activities over…