[FONT="]BUL Blue Energy [/FONT]
[FONT="](from www.blueenergy.com.au and BUL announcements to ASX)
This .pdf presentation makes interesting reading : http://www.blueenergy.com.au/announcements/080222_BUL_US_Presentation.pdf
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[FONT="]Staff – 3 ex QGC people plus other experienced personnel[/FONT]
-[FONT="]CEO Bill Williams; [/FONT]
-[FONT="]COO Ray Johnson [/FONT]
-[FONT="]Bruce Anderson.[/FONT]
-[FONT="]MD Sharif Oussa – geologist and former resources/finance analyst.[/FONT]
[FONT="]440M ordinary shares – @ share price of 30c Market Cap = $133M[/FONT]
[FONT="]Cash position at end of March 08 Qtr = $28M +.[/FONT]
[FONT="]Major shareholders holding over 50% [/FONT]
[FONT="](include ANZ ~ 26%; CVC ~ 20%; Fortis (attached to Dutch Fortis bank?) ~ 6%).[/FONT]
[FONT="]CSG Tenements of 27 100 sq klm – vast majority 100% owned by BUL[/FONT]
[FONT="]# This is a large holding! – apparently 2nd largest CSG land holder (after AOE) ! (Their chart doesn’t show ORG or STO)[/FONT]
[FONT="]# Tenements spread over different basins: Bowen; Surat; Clarence/Moreton and Maryborough!, and mostly near existing CSG fields and pipelines.[/FONT]
[FONT="]+ PLUS – 5 600 sq klm conventional acreage in Australia (SA and Qd)[/FONT]
[FONT="]+ PLUS – 67 000 sq klm offshore in PNG.[/FONT]
[FONT="]Looking at CSG tenements alone:[/FONT]
[FONT="]ATP 854P & ATP 817P = both targeting Bandanna formation coals – which are currently in CSG production at Fairview (Santos) and Spring Gully (Origin)[/FONT]
[FONT="]ATP 854P (100%) – located at & south of Injune (a little west of Origins Spring Gully).[/FONT]
-[FONT="]Existing gas pipeline runs through this tenement ! [/FONT]
-[FONT="]2 wells drilled – 3-5m of coal – testing confirms gas.[/FONT]
-[FONT="]Now targeting 250PJ in the ‘Cerulean’ block – right near existing pipeline.[/FONT]
-[FONT="]More expl drilling to confirm & extend this resource.[/FONT]
[FONT="]ATP 817P (100%) – larger holding of split locations. [/FONT]
-[FONT="]Currently drilling 55klm NW Injune.[/FONT]
-[FONT="]First hole confirms 5m coal, [/FONT]
-[FONT="]Two more drilling to characterize the coal extent.[/FONT]
[FONT="]ATP818P – East of Goondiwindi [/FONT]
-[FONT="]In the southern end of the Walloon fairway and targeting Walloon coals of QGC, AOE fame.[/FONT]
-[FONT="]This is just south east of ICN ATP626P – which has just had some exploration – three holes confirming Walloon coals up to 15m thick.
– awaiting some results here.
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[/FONT][FONT="]On the strength of their large acreage + ‘nearology’ + continued strength in all things CSG… I have bought a small parcel of BUL and will look at buying more if/when I can find some cash to invest.
As always – Do Your Own Research – Dukey.
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