Blue Energy Limited

What Blue Energy Limited does

Blue Energy Limited is an Australian Securities Exchange-listed (ASX:BLU) upstream oil and gas exploration and production company, headquartered in Brisbane, Queensland, and founded in 2004. The company operates a portfolio of coal seam gas (CSG) and conventional oil and gas assets across Queensland (ATP 814P in the North Bowen Basin including the Sapphire Block PL 1034; ATP 854P in the Surat Basin) and the Northern Territory (Greater McArthur Basin acreage held at 50%), with a net acreage position of approximately 153,598 km². Independently certified by Netherland, Sewell and Associates, the company's resource base comprises approximately 91 PJ of 2P reserves, 298 PJ of 3P reserves, 1,617 PJ of 2C contingent resources, and 4,476 PJ of 3C contingent resources, with technology centred on horizontal in-seam drilling and extended CSG production testing at the Sapphire pilot (currently achieving aggregate gas flow rates of approximately 0.150 TJ/day).

Blue Energy's go-to-market is sales-led and targets major east coast Australian energy and industrial customers through long-term gas supply arrangements. The company has executed non-binding Heads of Agreements with Origin Energy (up to 300 PJ over 10 years), EnergyAustralia (100 PJ over 10 years), AGL (HOA signed February 2024), and Queensland Pacific Metals (112 PJ over 15 years for the Townsville Nickel Refinery), aggregating approximately 500 PJ of contracted volumes against roughly 3,000 PJ of uncontracted contingent resource. The company is pre-commercial production; current cash inflows are limited to Australian Government R&D tax rebates (A$7.05M received January 2024, A$605,000 received March 2025) and minimal pilot production receipts.

The business model is therefore pre-revenue exploration with optionality on future commercialisation via pipeline infrastructure linking the North Bowen Basin to the Wallumbilla hub and Gladstone LNG. Capital is sourced primarily through ASX equity raises, with A$3.2M raised via placement in August 2025 and an oversubscribed A$2.6M Share Purchase Plan in October 2025, leaving A$4.97M of cash and zero debt as at December 2025. Notable shareholders include ANZ Bank (largest since 2008), KOGAS (10% placement, 2009), and Stanwell (19.9% stake, 2008). The company is led by Chairman John Ellice-Flint (former Santos Limited Managing Director and CEO, 2000-2008) and Managing Director John Phillips (former COO of Sunshine Gas, acquired by QGC/BG Group).

Name

Blue Energy Limited

Legal name

Blue Energy Limited

Website

https://blueenergy.com.au

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Blue Energy Limited is a Brisbane-based, ASX-listed (BLU) upstream oil and gas exploration company operating coal seam gas acreage across Queensland and the Northern Territory, targeting long-term gas supply to major east coast utilities and industrial customers from its independently certified ~1,708 PJ 2P+2C reserve and resource base, though it remains pre-commercial.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration

NAICS

Natural Gas Extraction (211130), Natural Gas Extraction (21113)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Coalbed Methane (CBM) / Coal Seam Gas (CSG) (EUAAAAAD)

akta.pro secondary industry

Commercial & Industrial (C&I) Natural Gas Sales (EUAAADAC)

Keywords

• Coal seam gas exploration
• Natural gas production
• Oil and gas exploration
• Upstream energy assets
• Gas supply contracts

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Gas Sales: Blue Energy generates revenue through the sale of natural gas produced from its exploration assets. The company has executed Heads of Agreements (non-binding) with Origin Energy (up to 300 PJ over 10 years), EnergyAustralia (100 PJ over 10 years), AGL, and Queensland Pacific Metals (112 PJ over 15 years to Townsville) for gas supply contracts. Total contracted volumes approximate 500 PJ, with approximately 3,000 PJ of uncontracted contingent resource remaining. The company is pre-commercial production, with current revenue derived from pilot production testing activities.
2. R&D Tax Rebates: The company receives Australian Government R&D tax rebates for qualifying expenditure on the Sapphire Pilot project, including $7.05m received in January 2024 and $605,000 received in March 2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Blue Energy Limited is an ASX-listed oil and gas exploration company focused on coal seam gas (CSG) and conventional hydrocarbon assets across Queensland and the Northern Territory. The company explores, appraises, and develops gas reserves and contracted future gas supply to major Australian utilities and industrial customers through long-term supply agreements. At present, the company is pre-commercial with pilot production testing underway at its Sapphire Block.

Product overview

Blue Energy Limited is an Australian oil and gas exploration company operating a portfolio of coal seam gas (CSG) and conventional oil/gas assets across Queensland and the Northern Territory. The company operates three core projects: ATP 814P (North Bowen Basin) containing the Sapphire Block production area with established 2P and 3P reserves and contingent resources; ATP 854P (Surat Basin) near Injune with significant 3C contingent gas resources; and the Greater McArthur Basin acreage in the Northern Territory covering frontier oil and gas opportunities. Blue Energy's product portfolio also includes gas supply agreements to major east coast energy customers. The company functions as an exploration and production entity, not a technology platform, and does not offer software products, APIs, or AI-powered services.

Differentiator

Problem solved

Functional benefit

Products and services

• ATP 814P (North Bowen Basin) Coal seam gas exploration permit in the North Bowen Basin containing 71 PJ 2P and 298 PJ 3P reserves with 3,248 PJ of contingent gas resource (3C). Includes the Sapphire Block production licence area.
• ATP 854P (Surat Basin) Gas exploration permit near Injune in central Queensland with certified 398 PJ 3C contingent gas resource, located near the Wallumbilla-Gladstone gas pipeline.
• Greater McArthur Basin (Wiso Basin) Acreage Oil and gas exploration acreage in the Northern Territory spanning 111,887 km² with 50% holding, containing Cambrian shale, carbonate, clastic sequences, and Proterozoic section targets.
• Sapphire Block (PL 1034) Production licence area within ATP 814P where pilot production testing is ongoing with horizontal in-seam wells achieving aggregate gas flow rates of up to 0.150 TJ/day.
• Gas Supply Agreements Long-term gas supply contracts including agreements with Origin Energy (up to 300 PJ), EnergyAustralia (100 PJ), AGL, and Queensland Pacific Metals (112 PJ to Townsville) for delivery at Wallumbilla.

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Queensland GovernmentcoreStrategic or Co-development Partner · 1 May 2023Queensland Government Department of Resources conducted the Bowen Basin Pipeline Study (Phase 2 Market Engagement May 2023) exploring potential to develop the Bowen Basin as a new upstream source of gas connected to the East Coast Gas Market. Blue Energy is the dominant acreage holder in the North Bowen Basin and stands to benefit from government-supported pipeline infrastructure development.
• Arrow Energy (Shell/PetroChina JV)coreStrategic or Co-development PartnerArrow Energy operates adjacent to Blue's ATP 814P permit with its Moranbah Gas Project. Arrow has received all government approvals for gas development and export infrastructure from Moranbah to Gladstone. Blue Energy benefits from Arrow's drilling activity and infrastructure development adjacent to its permits, which has contributed to NSAI conferring reserves to Blue Energy's acreage.
• Queensland Pacific Metals (QPM)coreStrategic or Co-development PartnerBlue signed MoU with QPM to supply up to 112 PJ of gas over 15 years to their proposed Townsville Nickel Refinery. Additional MOU signed June 2023 to supply Sapphire Pilot gas into Moranbah Gas Plant. QPM has offtake agreements with LG Energy Solution and POSCO for battery-grade nickel and cobalt products.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Arrow Energy: Arrow Energy is a Shell/PetroChina JV operating the Moranbah Gas Project in the North Bowen Basin directly adjacent to Blue Energy's ATP 814P permit. Comparable as an established CSG producer in the same basin with existing Gladstone export infrastructure.
• Origin Energy: Origin Energy is a major Australian energy retailer and upstream producer with APLNG (ConocoPhillips JV). Although a customer of Blue Energy via HOA, Origin operates comparable upstream gas assets and competes for the same east coast customers.
• Santos Limited: Santos is Australia's largest domestic gas producer with major CSG and conventional operations across the Cooper, Bowen, and Surat basins. Blue Energy's Chairman John Ellice-Flint was Santos CEO. Santos is a broad incumbent whose Gladstone LNG and east coast infrastructure defines the market Blue Energy targets.
• QGC (Shell): QGC is a Shell subsidiary operating Queensland's largest CSG operations feeding into QCLNG. Comparable as a major incumbent CSG producer serving both domestic and LNG export markets in the same basins Blue Energy operates in.

Emerging players

• Strike Energy Limited: Strike Energy is an ASX-listed gas developer focused on the Perth Basin and South Erregulla project in Western Australia. Comparable as an emerging Australian gas company targeting domestic and industrial customers, though in a different basin.

Direct peers

• Senex Energy: Senex Energy is an Australian CSG producer focused on the Surat and Bowen basins in Queensland with long-term supply contracts to domestic and LNG customers (GLNG). Pre-acquisition by Posco/PCCW, Senex operated at a similar scale and customer base as Blue Energy, targeting east coast gas supply.
• Comet Ridge Limited: Comet Ridge is an ASX-listed CSG exploration and development company focused on the Mahalo and Bowen Basin projects in Queensland. Directly comparable as a small-cap Australian CSG operator pursuing similar domestic east coast offtake customers.
• Central Petroleum Limited: Central Petroleum is an ASX-listed Australian oil and gas explorer with production and exploration assets across Queensland, Northern Territory and South Australia. Comparable as a small-cap diversified Australian E&P pursuing similar customer types.
• Galilee Energy Limited: Galilee Energy is an ASX-listed exploration company focused on the Galilee Basin in Queensland targeting domestic gas supply. Comparable as a small-cap Australian gas explorer pursuing east coast offtake agreements.
• Empire Energy Group Limited: Empire Energy is an ASX-listed gas exploration and development company focused on the Beetaloo Sub-basin in the Northern Territory. Comparable as a small-cap Australian gas explorer with frontier acreage and pre-revenue status similar to Blue's McArthur Basin position.

Market position

Strengths5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/blue-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Blue Energy Limited