Blue Energy (ASX: BLU) is set to accelerate work within its Bowen Basin gas assets after receiving key new development licences from the Queensland government.
Following its significant progress in delineating a resource to potentially supply a critical new energy source to the east coast and overcoming a significant legal battle, Blue has been awarded two Potential Commercial Areas (PCAs) and had its ATP 814 exploration permit renewed for a further term.
The two new PCAs cover the Lancewood and Central blocks within the ATP 814 permit zone.
Previous exploration within the two new blocks recorded an independently assessed recoverable gas resource of 573 petajoules (PJ) of continent gas at 814’s Lancewood and 469PJ at the Central block.
The award of the PCAs, which each carry 12-year terms, provides Blue with plenty of time to undertake further appraisal work aimed at converting the gas resources into reserves in the lead-up to a commercialisation decision.
The award of the new PCAs and the renewal of ATP 814 highlights the improved relationship between Blue and the government.
Blue won a long-running legal battle in early April to progress its large Sapphire gas development, which lies to the south of the new PCAs.
The Land Court of Queensland elected to grant an amended Environmental Authority (EA) to Blue Energy subsidiary Eureka Petroleum for petroleum activities to be undertaken on the Sapphire PL 1034 application area.
The Sapphire case had been ongoing in various forms since July 2023.
Finalisation of the amended EA allowed the Queensland government to proceed with granting a Petroleum Lease over the Sapphire Block.
It also set a precedent as the first published judgment in an appeal against a decision by the Department of Environment Tourism Science and Innovation (DETSI) to grant an EA for a project under the Petroleum and Gas (Safety and Production) Act 2004.
Following the resolution of the legal matter, the company’s management says it had been working closely with the new Queensland government to secure its outstanding PCA applications.
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