no bul this looks good, page-3

And this is why u would be expecting big things from this company:

1. A substantial 3D seismic acquisition program over approximately 360 km2 within the Cooper Basin PEL106 Spinel Block was completed in April 2007 and will be followed by a four well drilling program to continue testing in this area. From this development program, blueenergy expects to deliver substantial cash-flow to the business in late 2007. The inventory of drillable targets is expected to increase dramatically once interpretation of the Spinel Seismic data is completed. Covering approximately 500km2 in total, this is the largest exploration 3D seismic program undertaken in this portion of the Cooper Basin.

2. In ATP613 in the Maryborough Basin in Queensland, a two well drilling program was undertaken by joint venture partner Magellan Petroleum. The wells were drilled into the previously unexplored Burrum Coal Measures. Burrum 1 spudded on 28th February and Burrum 2 on 8th March 2007. A net 17 metre coal seam was intersected with gas +95% methane. An additional two wells and pilot are planned.

3. blueenergy has signed a farm-out agreement with CSM Energy Limited covering 500km2 of two blocks in ATP814P in the Bowen Basin. The program covers four exploration wells, seismic and an eight well pilot.

4. blueenergy acquired two additional tenements in April 2007 – ATP 854 and ATP 859, which are contiguous with the Southern and Central blocks of blueenergy’s existing area ATP817 in the Bowen Basin. These areas hold significant potential for Permian CBM and conventional natural gas.

5. blueenergy has undertaken and completed the necessary work to finalise the planning and development of several significant CBM projects in its CBM gas properties in the Bowen, Surat, Clarence/Moreton and Galilee Basins of Queensland where the Company holds a 100% interest in more than 26,000 km2 of acreage