Cue Shareholders Approve Ironbark Farm In

Posted on 9 January 2019

Minority shareholders in Cue Energy have approved the sale of a 15 per cent interest in WA-359-P, and the grant of an option to acquire 5.36 per cent of WA-409-P, to New Zealand Oil & Gas via a subsidiary.

WA-359-P off northwest Australia contains the giant Ironbark prospect, where a well is planned for 2020.

WA-409-P is a neighbouring block. Approval from Cue minority shareholders was required because New Zealand Oil & Gas owns 50.04% of Cue.

Cue's announcement is here:

More details of the transaction are here:

Further regulatory approvals are still to be satisfied.