26 Nov

Blue Energy Supports Governments New Gas Plan

ASX RELEASE 2 6 November 202 1 e info@blue en ergy.com.au ABN 14 054 800 378 w www.blueenergy.com.au Federal Government National Gas Infrastructure Plan - a ligns with B lue Energy’s assets and drilling plans Blue Energy Limited (ASX:BLU) i s pleased to note the clear support from the Federal Government’s National Gas Infrastructure Plan (NGIP) for new gas supply from the No r th Bowen , Galilee and Beetaloo/Greater McArthur gas b asin s . Blue Energy has acreage in all these key areas . In particular, we highlight the following from the NGIP r eport . European price and supply turmoil underlines Australian need: Angus Taylor MP, the federal energy minister, notes the dire European gas supply situation and price impacts and the importance of unlocking new gas supply for the Australian east coast as Bass Strait supplies decline rapidly . The Minister also highlights the critical importance of natural gas to meet the nation ’s needs around food production, manufacturing , industry, ex port s and energy . Gas heading south in 2025: The report expects the first indicative gas production to the southern market from the North Bowen Basin in 2025 (see Figure 14 from the report below) . Th is commencement date is in line with Blue’s existing contractual commitments with Origin Energy and Energy Australia for domestic gas delivery to Wallumbilla. Pipeline construction: The report supported the construction of a 200 TJ /day multi - user pipeline from the Bowen . to Wallumbi lla and identifies the joint feasibility study currently being conducted by the Queensland and Federal Governments Government support: The g overnment will suppo rt the accelerated delivery of critical projects . North Bowen, Galilee and Beetaloo top of the list for infrastructure : T h e NGIP identifies Galilee and Beetaloo basin infrastructure as priorities as well as the North Bowen . These are both a rea s in which Blue has assets. Source: Figure 14 from the 2021 National Gas Infrastructure Plan . The N GIP dovetails wi t h Blue’s North Bowen appraisal program that was previously announced t o the market with a 2P reserve build drilling and testing program in its 100% - held ATP814P . This will underpin the non - binding g as supply Heads of Agreements signed with Origin Energy, Energy Australia and Queensland Pacific Metals (refer to Blue’s previous ASX a nnouncements over the last 12 months ) . Blue’s 2P reserve build program will underpin the economics of constructing the Bowen Gas pipeline that is needed between Moranbah and the Wallumbilla interconnect . Blue is pleased to see the Federal Government , through the NGIP, demonstrating its support of this critical gas infrastructure . Blue will be participa ting in the non - binding Expression of Interest process which opens with the Federal Government today . Commenting on the NGIP , Blue Managing Director John Phillips s aid : ‘ We are very pleased to see the strong support by the Federal Government for new natural gas supply and infrastructure , targeting the North Bowen Galilee and Beetaloo Basins where Blue has significant exploration assets and existing gas reserves and large established gas resources . Planning is we l l advanced for Blue’s appraisal program drilling in ATP814P . which the NGIP notes is an integral part of accelerating the North Bowen gas supply. Well design is nearing completion, following which long lead items can be ordered and the rig selection process can commence . ’ Blue E nergy’s e xploration assets – North Bowen , Galilee and Greater McArthur/Beetaloo Source: Blue Energy. Release By Authority of the Board per: John Phillips Managing Director Blue Energy Limited About Blue Energy Limited Blue Energy is a Brisbane Based Australian e xploration company focused on the discovery and development of gas resources in the North Bowen, Galilee, Beetaloo/ Greater McArthur Basin s in the Northern Territory. Blue has independently certified gas reserves and resources of 71 PJ of 2P reserves ; 298 PJ of 3P reserves and 4,129 PJ of Contingent Resources as assessed by Netherland Sewell and Associates of Dallas , Texas.
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