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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Blue Energy Limited    BLU   AU0000044364

BLUE ENERGY LIMITED

(BLU)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 11/24
0.058 AUD   +7.41%
11/12BLUE ENERGY : Final Director's Interest notice
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11/10BLUE ENERGY : Results of AGM
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11/10BLUE ENERGY : Resignation of Director
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Blue Energy : to capture and sell coal mine gas

10/29/2020 | 05:20am EST

Blue Energy to capture and sell coal mine gas to lower emissions, increase mine safety

smallcaps.com.au/blue-energy-capture-sell-coal-mine-gas-lower-emissions-increase-mine-safety/

October 29, 2020

By

Robin Bromby

-

Blue Energy (ASX: BLU)has executed a non-binding memorandum of understanding (MOU) to capture fugitive mine gas from the proposed Isaac Plains underground coal mine in the North Bowen Basin.

The MOU with Stanmore Coal (ASX: SMR)paves the way for similar agreements with coal mines in the Bowen Basin, says Blue Energy.

Stanmore's ground overlaps Blue's ATP814P permit area in the Bowen Basin.

The proposal also comes against the background of the Queensland state government's recent decision to spent $5 million on a new gas pipeline that could also transport fugitive gas captured in coal mines.

The MOU allows Blue Energy and Stanmore to develop a detailed agreement for the capture, processing and marketing of mine gas that would otherwise be a waste product when Isaac Plains underground comes into production.

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Blue Energy says the capture and use of mine methane will not only mitigate venting and flaring of fugitive gas emissions from the coal mine, it will help the coal industry meet emissions targets.

It will also lower the risk of underground gas release in the mine and improve mine safety.

Furthermore, it will increase the marketable volume of gas contained in the under- developed North Bowen Basin.

Turning a waste product into a profit maker

For Stanmore, Blue Energy and the Queensland Treasury, it will turn an otherwise waste product into a potential profit maker and producer of royalties for the state.

The proposed new gas pipeline between Moranbah and the east coast market is intended to carry gas from the Bowen Basin, and that could include fugitive gas captured from coal mines along the pipeline's route.

The MOU envisages pre-mining gas draining from three Stanmore mining licence areas, then that gas being conditioned to sales specifications.

The gas would then be sold into future domestic gas contracts.

The MOU will benefit both participating companies and their industries, said Blue Energy.

Cooperation between gas and coal industries

"It marks a level of cooperation between two industries which are under constant scrutiny for their respective levels of fugitive emissions, and which can be replicated between other resource companies," the company added.

This move could be added to Blue Energy's priorities listed in a recent presentation.

These were, first, to monetise the company's 3,000 petajoule (PJ) gas resource in the Bowen Basin through supplying Townsville and new industry gas buyers, along with developing peak gas-fired power generation.

Second, to monetise its gas in the Galilee Basin (838 PJ) through an east coast market pipeline connection.

Third, restart operations in the Northern Territory where the company has a large acreage position in the Beetaloo and McArthur basins.

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Disclaimer

Blue Energy Limited published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 10:19:09 UTC


© Publicnow 2020
All news about BLUE ENERGY LIMITED
11/12BLUE ENERGY : Final Director's Interest notice
PU
11/10BLUE ENERGY : Results of AGM
PU
11/10BLUE ENERGY : Resignation of Director
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10/29BLUE ENERGY : and Stanmore Coal sign MOU
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10/29BLUE ENERGY : to capture and sell coal mine gas
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10/12BLUE ENERGY : Macquarie small midcap oil & gas forum
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09/16BLUE ENERGY : has assets in Bowen, Galilee and Beetaloo Basins
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09/15BLUE ENERGY : Appendix 4G and Corporate Governance Statement
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09/15BLUE ENERGY : 2020 Financial Statements
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09/15BLUE ENERGY : 2020 AGM Date
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Financials
Sales 2020 - - -
Net income 2020 -5,06 M -3,71 M -3,71 M
Net cash 2020 4,27 M 3,14 M 3,14 M
P/E ratio 2020 -9,96x
Yield 2020 -
Capitalization 77,1 M 56,1 M 56,6 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 63,3%
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Number of Analysts 1
Average target price 0,16 AUD
Last Close Price 0,06 AUD
Spread / Highest target 176%
Spread / Average Target 176%
Spread / Lowest Target 176%
Managers
NameTitle
John M. Phillips Managing Director & Executive Director
John Charles Ellice-Flint Executive Chairman
Rodney Cameron Non-Executive Director
Stephen Rodgers Secretary & General Counsel
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