20/11/2007 - 14:45

Blue Energy completes Cobal Survey acquisition

20/11/2007 - 14:45

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West Perth-based energy exploration company Blue Energy Ltd has completed its acquisition of the Cobalt Seismic Survey within its Queensland petroleum exploration tenure ATP 854, the company has announced.

Blue Energy completes Cobal Survey acquisition

West Perth-based energy exploration company Blue Energy Ltd has completed its acquisition of the Cobalt Seismic Survey within its Queensland petroleum exploration tenure ATP 854, the company has announced.

 

 

The full text of a company announcement is pasted below

Blue Energy Limited (ASX: BUL) is pleased to announce successful completion of acquisition of the Cobalt Seismic Survey within its 100% held Queensland petroleum exploration tenure ATP 854.

Although hampered by delays due to persistent wet weather, approximately 82.3km of 2D vibroseis seismic reflection surveying has been acquired in a timely manner, and within budget. Processing of the seismic data will commence immediately, with results available for interpretation to follow.

This seismic is required to appraise the coal bed methane (CBM) and conventional petroleum potential of the exploration tenure and to direct proposed exploration drilling in early 2008. Results of the Cobalt Seismic Survey are to be interpreted in conjunction with the results of other existing high quality seismic surveys to investigate several play types.

Listed below, and as shown on the accompanying map, these plays include:

  • CBM potential of the Permian aged coal bearing Bandanna Formation of the Bowen Basin, analogous to the nearby Santos Fairview and Origin Spring Gully CBM fields. The Cobalt survey is designed to investigate the extent and directional trend of a very encouraging anticlinal feature seen within the tenure, with high amplitude seismic reflections at the coal bearing interval indicating potential thick coal development.
  • CBM potential of the Jurassic Walloon Coal Measures of the Surat Basin, analogous to the nearby Santos, Coxon Creek and Sunshine, Gas Lacerta prospects, and the recent Bow Energy, Taringa South #1 gas flow in the adjacent tenure. A number of potential leads have been identified using data from previous petroleum and coal exploration in the area, and will be developed during exploration studies towards drillable exploration targets.
  • Conventional petroleum accumulations analogous to the nearby Denison Trough and Roma Shelf Gas fields. There are several potential sandstone reservoir horizons of the Bowen and Surat Basins within ATP 854, and the area of the Cobalt survey is considered by Blue Energy to be prospective for conventional petroleum accumulation, however is previously under-explored. The Cobalt survey will be integrated into the existing understanding of the area to define potential petroleum traps as drillable targets, or to better define the hydrocarbon trapping potential within the ATP toward more detailed future seismic acquisition surveying.

The Terrex Seismic acquisition crew have commenced mobilisation to the Indigo Seismic Survey in ATP 818, also held Blue Energy 100%.

The Indigo survey comprises approximately 75km of 2D vibroseis seismic acquisition in an area of no existing modern seismic coverage, and very limited exploration drilling. The primary play type is CBM from the Jurassic Walloon Coal Measures (WCM) of the Surat Basin. The WCM tops are known from prior shallow coal and petroleum exploration drilling within the Indigo area at a favourable depth range from near surface to approximately 650m and in an area in excess of 1000km2.

The Indigo Seismic Survey results will be used to direct future exploration in this previously underexplored tenure, including core drilling and eventual pilot drilling.

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