The first well, Itude 1 which spudded on July 6, 2009, will be drilled to a total depth of around 250 meters and will fully core the Walloon coal measure sequence.
The township of Injune, around 25 kilometers to the north east of Itude 1, in central Queensland falls within ATP 854P. ATP 854P is also in close proximity to Bow Energy Limited’s (Bow Energy) Don Juan CSG prospect which Bow Energy has reported to contain 192 PJ’s of certified 3P reserves. The Taringa 1 well, operated by Santos Limited in the adjacent ATP 655P had reported gas flows from the Walloon coal measures.
The commencement of operations with Lucas-Mitchell Rig 180 marks the beginning of a fully funded extensive corehole drilling program aimed at acquiring basic geological data for a CSG reserves certification process across four of Blue Energy’s prospective permits in Queensland. Funding for this program was obtained from the recent successful share purchase plan conducted by the company which raised $22.3 million.
