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THE new CEO of Blue Energy Limited (BUL) today launched a ‘re-focus’ for the coal seam gas explorer, with plans to ramp up commercialisation in the resource-rich Bowen Basin.
John Phillips (pictured) joined the company last year as chief operating officer (COO) and will start as CEO on April 1 following today’s announcement.
The former Sunshine Gas COO says the company will focus on development of the Monslatt area, which is adjacent to Arrow Energy’s Moranbah Gas Project.
“The re-focus was with Peter Cockcroft (chairman) as well on our Monslatt area next to Arrow’s project, so now we plan to push home our advantage there, getting resources on board,” says Phillips.
“We’ve got very good reserves and we should be able to build them up,” he says.
Chairman Peter Cockcroft will relinquish his own executive duties to focus on growing the company’s exploration and development portfolio.
“I’m not jumping a sinking ship, as what we wanted to do was to grow the company in different directions without de-focusing our core business, which will be to utilise gas into the transportation sector,” says Cockcroft.
“We’re also looking at taking our skills overseas to look at international unconventional gas projects, a bit like what Arrow has done.”
He says Phillips is well-respected in the industry and will bring a strong technical aspect as well as a good knowledge of the sector, particularly in Queensland.
“John’s going to be busy enough as we’ve got a fair bit of gas, so we’re excited – that’s not reflected in the share price but we think we’ve got something,” says Cockcroft.
“We now have the task to commercialise our discoveries in the Bowen Basin and the Galilee Basin, so John Phillips as the CEO will be appropriate because of those skills he has.”
The share price remained unchanged today at 20c.
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