Blue Energy (ASX: BUL) has released an update to the market, highlighted with news the company is cashed up with $41 million in the bank.
In Blue Energy's presentation to the market, the company reiterated its strong financial position, along with a strategy outline of the past year.
The company reported its plan, formulated at the start of the year, concentrated on assets, funds, markets and corporate.
It proposed to review and prioritise current assets, implement appropriate human resource changes and develop an exploration strategy in line with the corporate mission.
Blue Energy, an energy exploration company, has abundant coal seam gas assets throughout Queensland to meet the rising demand for cleaner power.
The company has a vision to be Australia’s leading mid-sized coal seam gas exploration and production company with gas reserves in excess of 1 trillion cubic feet of gas within five years.
By doing so, it proposes to raise sufficient funds for this program and form further strategic alliances with significant gas players.
On the corporate front, Blue Energy will spend the next year working on improving shareholder registry issues, continuously improve Board effectiveness and the organisation's efficiency.
It owns an asset base of eight CSG operated petroleum exploration permits, with over 28,000 sq km of coal seam gas acreage, as well as 71,574 sq km of conventional acreage in its portfolio.
The company's drilling programs aim to convert current prospective and contingent resource to independently Certified Reserves within 18 months, as a pathway to generating revenues.
Shares in Blue Energy were trading at 22.5c following the release of the latest announcement.
At the start of the month, Blue Energy announced its Pipeline Survey Licence application (PSL 49), lodged with the Queensland Government was expected to take about 4 to 6 weeks to process through the various regulatory bodies required for approval.
The PSL is designed to enable more detailed investigations of the optimum pipeline route from Blue Energy’s ATP813P acreage in the Galilee Basin to potential export locations on the east coast of Queensland between Abbot Point to Gladstone.