Microsoft Word - CUE ASX Release CoverNEW
ABN 45 066 383 971
14 April 2016 PAGES (including this page): 2
ASX Market Announcements ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
WA-359-P Approved Suspension of Work Program Commitment & Extension of Permit Term
Attached please find Cue Energy Resources Limited's release with respect to the above mentioned.
Yours faithfully
Andrew M Knox
Chief Financial Officer
CUE ENERGY OVERVIEW
Cue is an Australian based oil & gas company with activities in Australia, New Zealand, Indonesia and the USA.
THE COMPANY HAS:
-
Long life production
-
A strong balance sheet
-
An active exploration programme
CUE ENERGY DIRECTORS
-
Grant Worner (Executive Chairman)
-
Koh Ban Heng
-
Andrew Knight
-
Brian Smith
CUE ENERGY MANAGEMENT
-
Andrew Knox (CFO)
-
Jeffrey Schrull (Exp Man)
OFFICE
Level 19
357 Collins Street
Melbourne Vic 3000
CONTACT DETAILS
Tel: +613 8610 4000
Fax: +613 9614 2142
EMAIL
[email protected]
WEBSITE
www.cuenrg.com.au
LISTINGS
ASX: CUE
ADR/OTC: CUEYY
ABN 45 066 383 971
RELEASE
WA-359-P Approved Suspension of Work Program Commitment & Extension of Permit Term
-
Approval of suspension to WA-359-P Year 3 well commitment until April 2018
-
Permit term extended until April 2018
-
WA-359-P contains the world class 15Tcf prospective Ironbark prospect
-
Farm-out underway for partner to participate in Ironbark-1 well
Cue Energy Resources Ltd (ASX:CUE) is pleased to advise that it has been notified by the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application for a suspension of the Permit Year 3 work program commitment for WA-359-P and extension of the permit term.
The Year 3 work commitment comprises the drilling of one exploration well which is now due by April 2018. The permit term has also been extended until April 2018.
Cue has 100% equity and is operator of WA-359-P.
Ironbark Prospect
WA-359-P contains the world class Ironbark gas prospect.
Ironbark is a giant, Mungaroo Formation prospect with multiple objectives. The structure is a simple NE-SW horst block with symmetric rollover, mapped as 140 - 400 km2 in area with a best technical estimate of more than 15 Trillion cubic feet (Tcf) of unrisked prospective gas resource based on internal technical assessment by Cue.
Cue is currently undertaking a farmout process to find a suitable JV partner to participate in the drilling of a well targeting the Ironbark prospect. The extension of the permit tenure will assist Cue to advance this process. Several international oil companies are evaluating the opportunity.
Any queries regarding this announcement should be directed to the Company on
+61 3 8610 4000 or email [email protected]
Grant Worner
Executive Chairman 14 April 2016