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 * |
| 15 % | New Zealand Oil & Gas Limited |
| 21 % | Beach Energy |
* New Zealand Oil & Gas has a 50.04 per cent 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 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.
