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 work closely with Department of Natural Resources, Mines, Manufacturing and Regional and Rural Development to progress Petroleum Lease (PL) 1034 over the Sapphire Block to grant, following the decision by the Qld Land Court to issue an Environmental Authority over the PL 1034 area after a two year court challenge over the initial issue of an Environmental Authority by the Queensland Department of Environment, Tourism Science and Innovation in early 2023 .
• Sapphire 5 and 6 lateral pilot wells were shut in during the quarter due to a combination of issues with surface equipment issues and a downhole pump mechanical on the Vertical water pumping wells. It is expected that testing operations will recommence during the current quarter subject to satisfactory rectification of the issues.
• The Research and Development tax rebate for the 2024-2025 operational expenditure on the Sapphire Pilot project covering the Sapphire Pilot production activities, will be lodged in the coming quarter.

To download the full announcement please click the following link: June 25 Quarterly Report