Cue gains more time for offshore Australia drilling plans

Cue Energy Resources has secured an extension of the WA-359-P permit offshore Western Australia until Oct. 25.

WA-359-P permit offshore Western Australia
WA-359-P permit offshore Western Australia

Offshore staff

MELBOURNE, Australia – Cue Energy Resources has secured an extension of the WA-359-P permit offshore Western Australia until Oct. 25.

The company submitted a suspension and extension application to Australia’s National Offshore Petroleum Titles Administrator to allow new technical information to be incorporated into planning for the first well on the potential 15-tcfIronbark prospect.

Ironbark is a Mungaroo formation prospect thought to extend across up to 400 sq km (154 sq mi).

It is less than 50 km (31 mi) from the North Rankin platform (part of the North West Shelf LNG project) and also close to the Pluto and Wheatstone LNG infrastructure.

Cue previously executed agreements withBP and Beach Energy on taking equity in the permit in exchange for conditionally funding 75% of the Ironbark-1 well. The company remains in discussions on funding options for the remainder of the well costs.

04/17/2018

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