Blue Energy set for exploration plunge

Perth-based gas player Blue Energy had completed a technical review of its coalbed methane portfolio in Queensland and will press ahead with a farm-out process to drive development of some of its 100%-owned assets.

The move was part of the company’s “cash conservation” approach to future exploration, Perth said. It said it had appointed MBA Consulting to help with the farm-out process. Blue Energy said it had seen “considerable interest” in its tenements on ATP 813P, ATP 814P, ATP 817P and ATP 854P. The company said that as part of its “strong refocus on exploration activities”, chief executive Bill Williams would step down later this month to pursue other interests. Williams stepped into the role in March last year following the unexpected early retirement of founding director Sharif Oussa. Blue Energy chairman Peter Cockcroft will assume executive and management responsibility while the company continues to reorganise and steps up exploration work this year.

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