Cue Energy nears completion of evaluation drilling of Naga Utara-1 in the Kutei Basin, Indonesia February 1, 2012

Cue Energy Resources Ltd (ASX: CUE) has provided the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC).

It is proposed to drill to a total depth of 5500 ft Measured Depth (MD) and is expected to take Approximately 13 more days to complete evaluating the well including well testing if required.

As of 31st January 2012 the well is at 3222 ft MD. The 9 5/8 inch casing was set in the previous section down to 3000 ft and the 8 1/2 inch hole is currently being drilled. Forthcoming operations will be to complete drilling the 8 1/2 inch section to 5500 ft TD and evaluate the section using wire-line logs.

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For further information, please contact:

Mark Paton
Chief Executive Officer
Cue Energy Resources Ltd
T: +61 3 9670 8668
E:mail@cuenrg.com.au

Media/investor enquiries:

Luke Dean
Fortbridge
T: +612 9003 0477
M: +61 414 535 433
E: luke.dean@fortbridge.com