Blue Energy ’s shares have bottomed to 14.5¢ three times in the past month. Twice they have bounced off that level on the following trading day. Blue Energy’s shared dropped 1¢ to 14.5¢ on Monday and fell dangerously close to a 15-month low of 14¢. The decline came as Blue Energy announced that chief executive John Phillips would also be welcomed to the board as managing director. Earlier in the year the coal-seam gas explorer and developer announced the signing of a memorandum of understanding with the biggest importer of natural gas, South Korea’s Kogas, to explore developing projects across eastern Australia. Since then it has been pretty quiet on the news front. Shareholders were down about 35.6 per cent for 2010 on Monday and well off April’s 24¢ high.