29 May 2009
MEDIA ANNOUNCEMENT
World’s Largest LNG Importer Set to Invest in Blue Energy
Blue Energy Limited (ASX: BUL) is pleased to announce that it has executed a Heads of
Agreement (HOA) with Korean Gas Corporation (KOGAS) as a first step toward the formation
of a strategic partnership. The terms of the HOA provide for KOGAS to acquire a 10% equity
stake in Blue Energy through a private placement. In addition to the placement, KOGAS has
been granted an option to farmin to Blue Energy’s ATP813P in the Galilee Basin and
ATP814P in the Northern Bowen Basin.
Blue Energy Executive Chairman, Peter Cockcroft, said that “signing of the HOA with KOGAS
is a significant achievement for Blue Energy. It is confirmation of the confidence in the
Company’s strategic direction, the quality of our assets and the expertise of our people. Blue
Energy views KOGAS as a key long term strategic partner and together with Blue Energy’s
existing alliance with Stanwell Corporation (Stanwell) this provides the foundation for Blue
Energy to deliver on both our short term domestic gas and medium term export market
strategies.”
The funds from the proposed KOGAS placement when combined with the expected proceeds
of the Share Purchase Plan (SPP) and existing cash reserves will enable Blue Energy to
significantly progress the work program designed to achieve first gas reserve certification in
the second quarter of 2010.
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