Resources Reserves.
RESERVES AND RESOURCES
Blue contracts Netherland, Sewell and Associates of Dallas, Texas (NSAI) as an independent reserve and resource certifier to review all Blue energy's tenements. NSAI is a global tier 1 certifier in the unconventional gas sector and is contracted by most of the large CSG to LNG producers in the Surat and Bowen Basin of Queensland as the preferred independent certifier. Blue achieved its maiden 2P gas reserves in early 2013 in its 100% owned and operated ATP 814P in the North Bowen Basin.
The current estimate of ATP 814P gas reserves and resources stands at 67 PJ of 2P and 260 PJ of 3P with a further 3,577 PJ in the Contingent Resource category (3C).
The most recent assessment by NSAI for Blue was for its 100% owned ATP 854 tenement near Injune in Queensland. This review yielded a 300% increase in Contingent Resource to 398 PJ of Contingent Resource (3C)
Together with ATP 813 in the Galilee Basin, Blue's aggregate 3C Contingent Resource base now stands at 4,804 PJ of recoverable gas.
COMPETENT PERSON STATEMENT
The estimates of Reserves and Contingent Resources noted throughout this Quarterly Activities Report have been provided by Mr John Hattner of Netherland, Sewell and Associates Inc (NSAI) and were originally reported in the Company’s market announcements of 25 January 2012, 26 February 2013, 19 March 2013, 8 December 2015, 28 February 2019, 22 January 2022, 14 July 2022 and 11 July 2023. NSAI independently regularly reviews the Company’s Reserves and Contingent Resources. Mr Hattner is a full-time employee of NSAI, has over 30 years of industry experience and 20 years of experience in reserve estimation, is a licensed geologist and a member of the Society of Petroleum Engineers (SPE), and has consented to the use of the information presented herein. The estimates in the reports by Mr Hattner have been prepared in accordance with the definitions and guidelines set forth in the 2018 Petroleum and Resource Management System (PRMS) approved by the SPE, utilising a deterministic methodology.
Blue Energy confirms that it is not aware of any new information or data that materially affects the information included in any of the announcements relating to ATP 813, 814 or 854 referred to in this report and that all of the material assumptions and technical parameters underpinning the estimates in this Quarterly Activities Report continue to apply and have not materially changed.
