BLU 8.33% 1.1¢ blue energy limited.

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    Blue Energy Limited (BLU) - Production rates accelerating ( Petra 11/5/23)

    BLU’s pilot production testing program in QLD’s North Bowen Basin (“NBB”, Figure 1) has achieved a gas flow rate of 140k mcf/d, a 40% improvement in only the last 2 weeks (Figure 2). The acceleration of gas production is consistent with our pre-test expectations. We would expect gas rates to continue to accelerate as the pilot program evolves, consistent with testing from regional peer Comet Ridge (COI). Further, the recent ownership transition of the adjacent Moranbah Gas Project (MGP) from Arrow Energy to Queensland Pacific Metals (QPM) provides a possible low-cost tolling route for future gas developed. Maintain
    BUY, PT reduced to A$0.29/sh (prior A$0.36/sh) on increased assumed dilution.


    This stock is a major source of cognitive dissonance - clearly they need cash (CR) & are suffering extreme tax loss selling (?).

    https://hotcopper.com.au/data/attachments/5298/5298881-328d17a787313b374acccf309ad09f8f.jpg
    Last edited by MIStragic: 24/05/23
 
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