https://www.miningweekly.com
Business|Energy|Exploration|Gas|Infrastructure|Petroleum|PROJECT|Resources|Infrastructure
Business|Energy|Exploration|Gas|Infrastructure|Petroleum|PROJECT|Resources|Infrastructure
business|energy|exploration|gas|infrastructure|petroleum|project|resources|infrastructure

Blue Energy stumbles on approvals decline

20th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The share price of ASX-listed Blue Energy fell nearly 16% on Wednesday after the Queensland Department of Resources declined to grant the company nine potential commercial area (PCA) applications over its ATP813 project in the Galilee basin.

Blue had drilled six exploration core holes in the permit area, and an independent resource expert had estimated some 838 PJ of contingent resource in the tenure. Nine separate PCA applications were lodged in 2018 as a result of the gas discoveries in each of the six core holes drilled.

Blue told shareholders that the company’s economic assessment of the PCA areas suggested positive economic viability within the terms of the PCA’s based on the current gas prices, aggregated infrastructure constructions to connect to the east coast market, and using common user principles for gas pipeline access.

However, the Department of Resources has informed the junior company that it was not satisfied that petroleum production in the Galilee basin area covered by Blue’s proposed PCA applications would be likely to become commercially viable within the next 15 years, as allowed under the Petroleum and Gas Act.

Blue has 20 business days in which to appeal this decision, with the company telling shareholders it was reviewing the merits of this option.

Blue shares were at a low of 1.6c a share on Wednesday.

Edited by Creamer Media Reporter

Comments

Latest News

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.232 0.263s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: