Blue Energy: Raises $20m for drilling and production testing

Blue Energy Raises $20m for drilling and production testing

• Blue Energy (BLU) raises $20 million to undertake appraisal drilling and production testing at its Bowen and Surat basin assets
• Specifically, the money will go towards the drilling of a second Sapphire Pilot well, two lateral wells and 2D seismic data acquisition
• The company will issue 322,580,645 shares to institutional and sophisticated investors at 6.2 cents per share to raise the funds
• Shares are expected to settle on August 2 and be allocated on August 3
• BlueEnergy is down 9.33 per cent with shares trading at 6.8 cents at 1:01 pm AEST