Blue Energy advises that the Queensland Department of Natural Resources and Mines (the Department) has awarded two Potential Commercial Areas (PCA 336 and PCA 337) to Blue Energy’s wholly owned subsidiary Eureka Petroleum. In addition, the Department has also renewed the underlying exploration permit, ATP 814, for a further term.

PCA 336 and 337 represent the Lancewood and Central Blocks respectively within ATP 814 (Figure 1) and have been previously independently assessed by Netherland Sewell and Associates Inc of Dallas to contain recoverable gas of 573 PJ and 469 PJ of Continent (gas) Resource+ respectively. These are significant gas resources which will be appraised by the Company in due course with a view to converting the gas resources into gas reserves.

Figure 1: Location of PCA’s 336 & 337 as part of ATP 814

The new PCAs have a 12 year term which is designed to allow time for the appraisal of the gas resource with the view of moving toward Production Licence applications and build the portfolio of opportunities for new gas supply.

+The Contingent (Gas) Resources referenced in this announcement were last updated and announced to the market in the Company’s ASX announcement of 11 October 2023. A breakdown of the Contingent Resources allocated to the Central and Lancewood blocks as recorded in that announcement are as follows:

KeyFacts Energy: Blue Energy Australia country profile