The purchase comes as ANZ sold off around $2.3 million in shares this week.
Blue, one of the last remaining independent CSG concerns in Queensland, has licences near the Gladstone pipeline and has recently been agitating for a pipeline to be built to access remote gas fields in the Bowen Basin, in part to allow development of its own assets near Moranbah.
Blue is just one of a handful of east coast companies with uncontracted 2P and 2C gas reserves, and it is eying the potential to sell its gas into the expected energy-short market of 2019-20.
In addition to its pipeline dream, it has started talking to gas buyers in the southern states for its gas which are just 400m from the historic Moranbah CSG field.
The company said recent gas shortages, when only four of the six LNG trains at Gladstone were working, should alarm gas users and politicians, especially in what was a normal winter.
With limited gas storage capacity available on the east coast, any future disruption to supply, high winter demand and all six export LNG trains on Curtis Island pulling 3800-4000 TJ/day out of the supply system, it would be reasonable to expect potential future serious disruption to the domestic retail and wholesale gas market, Blue said recently.
"Considering that there are a further 20 years (plus) of this export demand level, it is ominous for domestic gas users that we see this level of gas supply pressure and price response in the spot market at the first sign of a cold snap," the company noted.
It wants policy makers to remember the impact of the 1996 Longford disaster on gas supplies and act as quickly as possible.
Blue has independently certified 2P reserves of 71PJ and 3P reserves of 298PJ in its Sapphire Block just waiting for development, and more it hopes to add if it can help facilitate a gas export pipeline from Moranbah to the Northern Denison Trough, and then to Brisbane and Gladstone markets.
The company has also noted that its earlier stage Cooper Basin, Wiso Sub-basin and Southern Georgina Basin, are ripe for exploration upside, particularly given the potential being tested with the Tamarama-1 basin-centred gas and Amungee NW-1H shale gas wells.
