The company said the estimates, which it classifies as prospective resources, are based on results from its initial exploration drilling program and further geological review of offsetting and analogue data from nearby tenements.

Blue added that areas that are targeting contingent resources due to the availability of seismic, well and core data as well as nearby production include ATP 814P Western Area (1.07Tcf), ATP 817P Central (0.72Tcf) and ATP 854P (0.6Tcf).

The company also said areas of prospective resources targeted by continuing exploration include ATP 813P (15.25Tcf), other areas of ATP 814P (2.6Tcf), ATP 817P North (0.6Tcf), ATP 818P (0.22Tcf) and ATP 896A (0.21Tcf) which is under application.

Estimates for ATP 613P in the Maryborough Basin were not included as the tenure is held by Magellan Petroleum and Blue Energy has a participating interest of up to 90%, based on a farm-in agreement.

ATPs 817P South, 819 P, 818P North, 859P and 896A North were excluded as they are either too deep, do not possess adequate coal, are under-saturated or potentially may be intruded and at risk for carbon dioxide.

Blue added it is now working toward achieving certified reserves within its CSG tenements and, with the completion of its initial phase of exploration programs, its focus will turn to production testing and third-party certifications.

Initial exploration activities will target the Moranbah Coal Measures and the Rangal Coal Measures.