Cue is evaluating regional prospectivity on all its Western Australia permits and is maturing an exciting new play type – the Ironbark formation.
The play fairway extends across several adjacent permits including WA-359-P and WA- 409-P and Cue is well positioned with a number of possible drilling candidates in both permits. Additional technical work has been undertaken to lower the geological risk.
|42.5 %||BP (operator)|
|21.5 %||Cue Energy *|
|15 %||New Zealand Oil & Gas Limited|
|21 %||Beach Energy|
* New Zealand Oil & Gas has a 50.04 per cent interest in Cue Energy.
Read a BusinessWeek story about plans to drill Ironbark in 2020
Cue Energy has announced that approval has been received for title transfers of exploration permit WA-359-P, which contains the giant Ironbark gas prospect, to new joint venture partners BP Developments Australia Pty Ltd, Beach Energy Limited and New Zealand Oil & Gas. Cue’s announcement is attached.
An important milestone has been reached in plans to drill the giant Ironbark prospect offshore West Australia next year.
The operator has received approval for a 24-month suspension and extension to the permit, WA- 359-P.
A rig contract has been signed for the Ironbark prospect in WA-359-P, where New Zealand Oil & Gas has agreed to acquire a 15 per cent interest and Cue Energy has a 21.5 per cent partly carried interest.
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.
New Zealand Oil & Gas has reached a conditional agreement to farm into the WA-359-P permit held by its ASX-listed subsidiary Cue Energy Resources, offshore West Australia.
The Australian National Offshore Petroleum Titles Administrator (NOPTA), has notified Cue Energy of the approval of its Exploration Permit WA-359-P (Ironbark) suspension, extension and variation application.
New Zealand Oil & Gas has a 50.04% interest in Cue.