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Blue Energy Updates on Drilling at Marburg 1 Well in ATP854P in Surat Basin

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Australia's exploration company Blue Energy Limited provided the following update Friday in respect of the Company’s Marburg 1 oil exploration well in ATP854P, Surat Basin, Central Queensland, Australia.

Testing operations on the suspended well are about to commence with a work over rig having been secured to undertake the work. The rig is currently mobilizing to site and testing operations are expected to commence over the weekend of Jan. 4-5.

As announced to the market at the completion of drilling operations on the Marburg 1 well last October, the well was suspended pending the availability of a suitable work-over rig and testing equipment to undertake a final and conclusive evaluation of the main Precipice Sandstone Target. When intersected during drilling operations, the Precipice Sandstone in Marburg 1 intersected good indications of oil. Subsequent wireline logging operations proved inconclusive for the existence of a live oil column and also indicated pressure depletion in the Precipice Sandstone. Consequently a well test program has been developed to address the pressure deletion issue and this will be implemented with the work over rig and testing equipment over the next week.

As previously advised, Blue Energy has farmed out the drilling of the Marburg 1 oil well to KIB Energy Pte Ltd, a wholly owned subsidiary of a prominent and well respected private Singaporean oil trading company. This cost of this current testing program is covered by the farm in agreement.

The market will be further informed of progress on the Marburg 1 well test.

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