Blue Energy : Federal Budget Funds welcomed by Blue

MEDIA RELEASE

12 May 2021

Blue Energy welcomes Federal Budget support for Bowen Basin Gas

projects

Blue Energy Limited (Blue Energy) welcomes last night's Federal Budget measures committing 2021 Budget funds of $15.6 million specifically to gas appraisal projects in the North Bowen and Galilee Basins.

The grant monies will be directed specifically at field trials that improve the geological understanding on the region, address any technical drilling challenges and better determine gas deliverability rates. Blue Energy welcomes these initiatives, together with the release of the interim National Gas Infrastructure Plan which identifies the key geologic basins for development of new gas supply for east coast gas customers.

These 2021 Budget measures further highlight the importance of the North Bowen Basin Gas Province as a solution to the east coast supply shortfall, and also demonstrates the continued commitment by both State and Federal Governments to development of the North Bowen Basin gas province. The North Bowen Basin's importance is best characterized by its following characteristics:

1. It has a large-scale gas resource - 15,000 PJ of gas resource already identified;
2. It has been in production (servicing the local Townsville market with small diameter pipeline) for over a decade.
3. It has been geologically de-risked by hundreds of coal seam gas wells, extensive coal mine drilling data and degassing operations and the decade long history of continuous gas production.
4. It is development ready and only requires a pipeline link to the southern markets.
5. With an aggressive build schedule, gas could be flowing to east coast customers well before 2026.

The completion of the final National Gas Infrastructure Plan will see incorporation of the North Bowen Basin gas resources into the national gas infrastructure priority spend for east coast supply.

By Authority of the Board per:	John Phillips
	Managing Director
	Blue Energy Limited

About Blue Energy Limited

Blue Energy is a Brisbane Based Australian exploration company focused on the discovery and development of gas resources in the North Bowen, Galilee, Beetaloo/ Greater McArthur Basins in the Northern Territory. Blue has independently certified gas reserves and resources of 71 PJ of 2P reserves; 298 PJ of 3P reserves and 4,129 PJ of Contingent Resources as assessed by Netherland Sewell and Associates of Dallas Texas.

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