The world's largest importer of liquid natural gas is set to take a 10 per cent stake in Blue Energy. A heads of agreement has been executed with Korean Gas, the first step of a strategic partnership. KOGAS will acquire a 10 per cent stake in the small cap gas explorer via a private placement priced at 20¢ a share. This represents an investment of about $10 million. Additionally, KOGAS has been granted a proposed farm-in option to tenements ATP813P and/or ATP814P. Blue Energy also announced plans to extend the closing date for its share purchase plan to June 3. At its recent quarterly activities update, Blue completed a strategic review to prioritise projects and acreage. The company also has cash reserves of $10.1 million on hand.