QUARTERLY REPORTS

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…

KEY HIGHLIGHTS During the quarter the Sapphire 5 and 6 lateral pilot wells continued on production testing but with interruptions in production caused by surface facility maintenance issues (generators). Both Pilots are again running and continue to produce gas at a rate which is building as the dewatering process recommences. The Research and Development tax…

KEY HIGHLIGHTS During the quarter the Sapphire 5 and 6 lateral pilot wells continued on production testing with the aggregate gas flow rate for the Sapphire pilot showing an increasing trend to 0.150 TJ/day. The Board has resolved to continue the production testing of the Sapphire Pilot and for the time being has deferred the…

KEY HIGHLIGHTS Sapphire Pilot Status: The Sapphire 5 and 6 lateral pilot wells continue to be production tested with the aggregate gas flow rate for the Sapphire pilot showing an increasing trend to 0.140 TJ/day. The lower most coal seams remain below the current water level in the vertical wells and so still require dewatering.…

Key Highlights Closing cash balance $5.4m Sapphire 5 lateral pilot wells reinstated, aggregate gas flow rate increased to 0.12TJ/day QPM confirmed intention to take gas Blue makes available for delivery to MGP as per 2023 MOU Awaiting outcome of application for QLD Government’s Frontier Gas Exploration $21 million Grants Program Geoscience Australia regional raw 2D…

Dec 23 Quarterly Report