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 the PL 1034 area.
• The decision by the Land Court to issue the amended EA now allows the Minister for Natural Resources, Mines, Manufacturing and Regional and Rural Development to proceed with the grant of the Petroleum Lease (PL) 1034 over the Sapphire Block.
• Blue Management, working closely with the new Queensland Government, is confident in securing the outstanding PCA application tenures in the Moranbah area (PCA 336 and PCA 337).
• During the quarter the Sapphire 5 and 6 lateral pilot wells continued on production testing but with continued interruptions in production caused by surface facility maintenance issues. Optimisation work is also required on metering valve sets on the surface separator equipment.
• The Research and Development tax rebate for the 2024 expenditure on the Sapphire Pilot project covering the continuing Sapphire Pilot production activities, lodged last quarter has now been processed and the rebate amount of $605,000 was received from the ATO during the quarter.
• The seismic data, processing and interpretation technical work on Blue’s Northern Territory acreage undertaken over previous quarters was submitted to the Northern Territory Department of Industry, Tourism and Trade for review and assessment as meeting Blue’s work program obligations for EP 200 and EP 207.
• The NT Government has confirmed that this data and technical work have met the obligations and has confirmed that Blue’s application for a suspension and extension of work program and permit term for all of Blues NT acreage has been granted, based on protracted land access negotiations required to comply with the NT Petroleum Act and its Regulations.
• The new Crisafulli led Government in Queensland confirmed its backing of the mining and gas industries with the initiation of the Resource Cabinet Committee which brings together Government and Industry to brief Queensland Government Ministers to identify issues delaying the approval of mining and gas projects. This follows on from the Queensland Treasurer’s funding approval

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March 2025 Quarterly Activities & Cash Flow Report