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 the play to the south in the Taroom Trough.
• PCA’s 180, 181, 182 and 183 contain 398 PJ+ of Contingent Resources (recoverable gas resources) as estimated by tier one global gas experts Netherland, Sewell and Associates Inc of Dallas Texas (NSAI).
• Blue seeking potential Farm-in partners for ATP 854, located in close proximity to major gas transportation infrastructure and the Wallumbilla gas hub near Roma
• Environmental (flora and fauna) field data acquisition to meet Environmental Authority requirements for PL 1034 (Sapphire) development has been completed and data now being compiled.
• Blue notes that the owner and operator of the Moranbah Gas Project (MGP) entered voluntarily administration post quarter end. Blue is monitoring the Administrators/Receivers activity and its intentions with respect to QPM’s assets, noting that gas production from the MGP has not been interrupted. Until such time as some certainty on the ownership of the MGP becomes clearer, Blue has decided to curtail the production testing on the Sapphire Pilot.
• To preserve capital, Blue has curtailed production testing at the Sapphire pilot installation noting that gas was still flowing but at rates not considered commercial due to the formation damage sustained during the original drilling phase.
• Activity in the Northern Territory Beetaloo Basin is ramping up with gas flow testing results reported by Beetaloo Energy Australia Limited and Tamboran Resources Corporation together with Government approval of a 12 well appraisal program by Santos.
• The Northern Territory Government has backed plans for a $40 billion Data Centre Industry to be developed south of Darwin and powered by local gas from the Beetaloo Basin.
• Blue maintains 91 PJ of 2P Gas Reserves+ and 1,617 PJ of 2C Gas Resources+ (2P+2C = 1,708 PJ)
• Blue has $3.62 million of cash (unaudited) and zero debt
• Blue received an R&D tax refund of $464,908 post quarter’s end (which is not included in the Appendix 5B cash balance

Quarterly June 2026