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.
WA-359-P
| 42.5 % | BP (Operator) |
| 21.5 % | Cue Energy * |
| 21 % | Beach Energy |
| 15 % | New Zealand Oil and Gas |
* New Zealand Oil & Gas has a 50.04% interest in Cue Energy
Project Status:
Permit Overview
The “Ironbark” prospect, a Mungaroo Formation prospect with multiple objectives, is expected to be drilled in late 2020. Cue estimates that it holds a success case best technical estimate of 15 trillion cubic feet (TcF) of gas reserves.
The well is fully funded and the effective New Zealand Oil & Gas participating interest, including its 50.04% interest in Cue, is 25.7%
Permit Activity
Approval has been received for title transfers to new joint venture partners BP Developments Australia Pty Ltd, Beach Energy Limited and New Zealand Oil & Gas. A rig contract has been signed for the Ironbark prospect.
BP is acting as operator under a co-ordination agreement. Drilling is expected to begin in late 2020.
Read a BusinessWeek story about plans to drill Ironbark in 2020
WA-359-P News
Ironbark Operations Update
Plug and abandonment operations continue as planned at the Ironbark-1 well location in WA-359-P located in the North Carnarvon Basin.
Ironbark Intersects Target
The Ironbark-1 well in WA-359-P located in the North Carnarvon Basin, off the North West coast of Australia, has intersected its primary target interval at a depth of 5275 metres and, as planned, continued drilling to intersect the remaining sands. No significant hydrocarbon shows were encountered in any of the target sands.
Ironbark Weekly Drilling Update #8 As At 22 December 2020 (NZ Time).
As at 06:00 22 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 5202 metres and we are currently preparing to case and cement. In the past week the Operator completed drilling the 12¼“ hole.
The next update will be made on the 31st December 2020.
Ironbark Weekly Drilling Update #7 As At 17 December 2020 (NZ Time).
As at 06:00 17 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 4380 metres and they are currently drilling the 12¼“ hole. In the past week the Operator completed the 13-5/8” casing and cementing job. They also completed a BOP pressure test.
Ironbark Weekly Drilling Update #6 As At 10 December 2020 (NZ Time).
As at 06:00 10 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 4362 metres and are currently preparing to run casing and cement. In the past week the Operator completed drilling the 16½" hole.
Ironbark Weekly Drilling Update #5 As At 3 December 2020 (NZ Time).
As at 6:00 3 December 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 3801 metres and is continuing to drill the 16½” hole. In the past week we continued to drill the 16½" hole.
Ironbark Weekly Drilling Update #4 As At 26 November 2020 (NZ Time)
As at 6:00 26 November 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 3040 metres.
Ironbark Weekly Drilling Update #3 As At 19 November 2020 (Nz Time).
As at 6:00 18 November 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 2410 metres.
Ironbark Weekly Drilling Update #2 As At 12 November 2020 (Nz Time).
As at 6:00 11 November 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 1811 metres.
Ironbark Weekly Drilling Update #1 As At 5 November 2020 (Nz Time).
As at 00:00 4 November 2020 (AWST) the Operator has advised that the Ironbark-1 well had reached a measured depth of 1,583 metres.
Drilling Commences at Ironbark
Drilling is underway at the Ironbark-1 well in WA-359-P in the North Carnarvon Basin off the North West coast of Australia.
Ocean Apex Handover To The Ironbark Joint Venture
Beach Energy Cue Energy BP Ironbark
New Zealand Oil & Gas is pleased to announce the Ocean Apex rig has completed its operations for Woodside and was handed over on Friday afternoon (1600hrs Perth Time) to BP (Operator) for the drilling of the Ironbark-1 well.
Ironbark Exploration Well Update
New Zealand Oil Gas is pleased to announce that the final regulatory approvals have been completed for the Ironbark 1 exploration well in the Carnarvon Basin offshore Western Australia The Operator reports that they expect to receive the rig Ocean Apex from Woodside Energy mid October We will be updating the market when drilling commences.
Ironbark Environmental Plan Approved
New Zealand Oil & Gas has been advised by the Operator BP, that the Ironbark Exploration Drilling Environment Plan (EP) has been approved.
Ironbark completion, Drilling 2020
Partners in the WA-359-P joint venture have completed the Ironbark farm-in transaction and title to the exploration permit has been transferred.
Ironbark Title Transfers Approved
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.
Approval Received For Ironbark Timetable
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.
Ironbark Rig Contract Signed
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.
Cue Shareholders Approve Ironbark Farm In
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 Farms Into Ironbark
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.
WA-359-P (IRONBARK) - Notification of Approval
WA-359-P (IRONBARK)
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.