Blue Energy (ASX: BUL) can expect an acceleration of exploration and development work on ATP 814P after Korea Gas Corporation (KOGAS) said it would extend its farm-in option.
This comes as the Sapphire-4 coal seam gas pilot well started gas production almost immediately after the start of pumping operations.
KOGAS had secured the farm-in option back in June 2009 as A$12.57 million share placement in Blue Energy.
This option has been extended several times since during which time Blue had carried out exploration work to mature its CSG assets.
Discussions have now started on potential farm-in terms.
Meanwhile, Blue Energy said the quick gas production at Sapphire-4 was a positive sign for such an early phase of the pilot test process.
It also confirms the initial drill stem test result where gas flowed to surface as well as the core analysis results from the well, which had indicated high gas saturation for this section of the Fort Cooper Coal Measures.
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This comes as the Sapphire-4 coal seam gas pilot well started gas production almost immediately after the start of pumping operations.
KOGAS had secured the farm-in option back in June 2009 as A$12.57 million share placement in Blue Energy.
This option has been extended several times since during which time Blue had carried out exploration work to mature its CSG assets.
Discussions have now started on potential farm-in terms.
Meanwhile, Blue Energy said the quick gas production at Sapphire-4 was a positive sign for such an early phase of the pilot test process.
It also confirms the initial drill stem test result where gas flowed to surface as well as the core analysis results from the well, which had indicated high gas saturation for this section of the Fort Cooper Coal Measures.
Read More
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