Blue Energy (ASX:BUL) has entered into a voluntary trading halt pending the release of a proposed capital raising, with the company's shares placed in pre-open.
While no indications were given on what the funds will be used for, the coal seam gas junior has previously flagged that it plans to drill and test 3 new pilot production wells in 2012.
These include 2 wells in the Sapphire Block, Bowen Basin, and 1 well in ATP 854P.
Blue will also continue to complete, fracture stimulate and test its 5 Monslatt pilot wells in ATP 814P, Bowen Basin, 3 of which are already de-watering, as well as complete and test the Sapphire 4, 5 and 6 wells.
Success at the Sapphire wells could add up to 322 petajoules to Blue’s proved and probable (2P) reserves while establishment of commercial flow rates at Monslatt could increase 2P reserves by 500 petajoules.
Blue’s permits in the Bowen Basin are located close to Arrow Energy’s permits where gas export infrastructure is being developed.
While no indications were given on what the funds will be used for, the coal seam gas junior has previously flagged that it plans to drill and test 3 new pilot production wells in 2012.
These include 2 wells in the Sapphire Block, Bowen Basin, and 1 well in ATP 854P.
Blue will also continue to complete, fracture stimulate and test its 5 Monslatt pilot wells in ATP 814P, Bowen Basin, 3 of which are already de-watering, as well as complete and test the Sapphire 4, 5 and 6 wells.
Success at the Sapphire wells could add up to 322 petajoules to Blue’s proved and probable (2P) reserves while establishment of commercial flow rates at Monslatt could increase 2P reserves by 500 petajoules.
Blue’s permits in the Bowen Basin are located close to Arrow Energy’s permits where gas export infrastructure is being developed.
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