Blue Energy Raises Funds for CSG Development

Blue Energy has raised A$13.5 million through a share purchase plan to fund its coal seam gas exploration and appraisal work.

The company has aiming to have proved and probable reserves of up to 800 petajoules and proved, probable and possible (3P) reserves of up to 1500 petajoules as part of a broader goal of building up 3P reserves of 3000 petajoules by the end of 2014.

Blue currently holds 3P reserves of 75 petajoules and has stated previously that it is looking to convert its contingent resources of 2788 petajoules of gas into additional 3P reserves.