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 rebate for the 2024 expenditure on the Sapphire Pilot project has been completed and lodged to cover the continuing Sapphire Pilot production project. It is expected that this cash will be forthcoming from the ATO in the current quarter.
• Blue Management is working with the new Queensland Government to secure the outstanding PCA application tenures in its Surat and Bowen Basin acreage.
• The status of the Queensland Land Court matter relating to the grant by the Qld Government of an Environmental Authority for PL 1034 is that Blue is working with the Department of Environment, Tourism, Science and Innovation (DETSI) to finalise all outstanding issues required to finalise the matter.
• Technical work on the Northern Territory acreage continued during the quarter and focussed on identifying potential drillable locations (stratigraphic), Land Access activities and tenure management issues.

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December 2024 Quarterly Activities & Cash Flow Report