As a result of the very high gas and methane content, optimal depth window and high net coal, Blue Energy is planning to extend its exploration program in the eastern block of ATP814P. This will allow the company to accelerate its reserves certification process with Netherlands Sewell & Associates (NSAI). Planning for a pilot well has commenced and will be accelerated with the aim of achieving reserves certification by mid 2010.
The first production test well in the area is expected to be drilled in March 2010 with planning currently underway. The production test will be designed to establish water and gas flow rates which are a critical input to the reserve certification process. Preliminary data from the work to date points to a high level of inherent permeability within the coals as the result of natural fracturing. This should enable simpler completion techniques to be deployed.
Plus many othe strong poins of going forward in the Directors report.
Good Times
BUL Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held