Events are hotting up at Blue Energy (ASX: BUL) as it readies to drill the much awaited ATP 854P in Queensland.
The Lucas – Mitchell Rig 180 arrived on location in ATP 854P over the weekend and has commenced operations on the first of three Coal Seam Gas (CSG) coreholes to be drilled in the permit.
The three wells will target the Walloon Coal Measure sequence which is known to be gas productive to the south east of the permit area.
The first well, Itude 1 which spudded today, will be drilled to a total depth of approximately 250 metres and will fully core the Walloon Coal Measure sequence.
The focus is on shallow Walloon Coal Measures to supply to the expanding Southeast Queensland gas market with initial drilling / pilots in ATP 854P.
ATP 854P is in close proximity to Bow Energy’s (ASX: BOW) Don Juan CSG prospect which Bow has reported to contain 192 PJ’s of certified 3P reserves. The Taringa 1 well, operated by Santos in the adjacent ATP 655P had reported gas flows from the Walloon Coal Measures.
The three hole progam is fully funded and an extensive corehole drilling program is aimed at acquiring basic geological data for a CSG reserves certification process across Blue Energy’s most prospective permits in Queensland.
Blue Energy raised $22.3 million recently in a share purchase plan.
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