Blue Energy, an Australian coal seam gas exploration and production company, provided a weekly update report with respect to the drilling of the Company's Stagmount 1 exploration well in ATP813P, Galilee Basin, Central Queensland, Australia.
Stagmount 1 is the first well in a two well program to be drilled in the permit this year.
The primary objective of the well is to increase the resource potential of the permit with the two-well program estimated to potentially add up to 500 Petajoules (PJ) of Contingent Gas Resource to the currently assessed resource base in the wholly-owned Blue Energy permit. To achieve this objective, continuous core will be obtained through the Betts Creek Beds in Stagmount 1 to assess the thickness, gas content and quality of coals within the formation.
Stagmount 1 Operations
Stagmount 1 Exploration Well
The Stagmount 1 exploration well is located in Blue Energy's 100 percent owned ATP813P in the Galilee Basin of central Queensland. The well is situated approximately 24 miles (40 kilometers) north of the town of Aramac.
ATP813P Resource Assessment
Netherland, Sewell and Associates (NSAI) have independently assessed Blue Energy's 100 percent owned ATP813P as currently containing 544PJ of Contingent Gas Resource (3C), based on existing well data. The current-two well program undertaken by Blue Energy is designed to significantly add to this resource base.
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