Blue Energy has advised that the Queensland Department of Natural Resources and Mines has awarded two Potential Commercial Areas (PCA 336 and PCA 337) to Blue Energy’s wholly owned subsidiary Eureka Petroleum. In addition, the Department has also renewed the underlying exploration permit, ATP 814, for a further term.
PCA 336 and 337 represent the Lancewood and Central Blocks respectively within ATP 814 (Figure 1) and have been previously independently assessed by Netherland Sewell and Associates Inc of Dallas to contain recoverable gas of 573 PJ and 469 PJ of Continent (gas) Resource+ respectively. These are significant gas resources which will be appraised by the Company in due course with a view to converting the gas resources into gas reserves.
Figure 1: Location of PCA’s 336 & 337 as part of ATP 814
The new PCA’s have a 12 year term which is designed to allow time for the appraisal of the gas resource with the view of moving toward Production Licence applications and build the portfolio of opportunities for new gas supply.
Source: Blue Energy
