Spread the sesame seeds in a large baking dish and bake for twenty to twenty-two minutes, or until golden brown. Remove from the oven and let cool. Turn off the oven.
Cream together the blue cheese, cream cheese and butter. Add the olives, chives, parsley, garlic and cognac. Beat with a wooden spoon until well blended.
Divide the mixture into quarters and shape each quarter into a small roll. Place each roll on a piece of wax paper and sprinkle generously with toasted sesame seeds. Roll each roll tightly in the wax paper and store in the freezer until ready to use. When ready to use, let rolls stand until they reach room temperature. Cut into slices one-quarter inch thick and serve on toast or crackers.