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An update from Blue Energy Limited ( (AU:BLU) ) is now available.
Blue Energy Limited has been granted Petroleum Lease 1034 over the Sapphire Block, allowing them to drill up to 117 new wells over the next 20 years. This follows a favorable Land Court decision and positions the company to address the east coast gas supply shortage. Additionally, Blue Energy successfully raised $5.8 million through a two-tranche placement and a heavily oversubscribed Share Purchase Plan, reflecting strong shareholder support. The Queensland Government’s Energy Roadmap underscores the critical role of natural gas in the energy mix, highlighting the need for increased gas capacity to ensure system reliability as the state transitions to renewable energy sources.
More about Blue Energy Limited
Blue Energy Limited operates in the natural gas and oil industry, focusing on key projects in Queensland and the Northern Territory. The company is involved in the exploration and development of gas resources, with a significant resource base and reserves in Central Queensland.
Average Trading Volume: 2,695,031
Technical Sentiment Signal: Sell
Current Market Cap: A$18.07M
See more insights into BLU stock on TipRanks’ Stock Analysis page.