Cue Energy says farm-in agreement to Banambu Deep prospect is completed May 7, 2012Posted by Fortbridge in Energy.
Tags: Banambu Deep prospect, BHP Billiton Petroleum, Cue Energy Resources, farm-in agreement, WA-389-P operator, Woodside
Cue Energy Resources Ltd (ASX: CUE) has advised that Woodside, the WA-389-P operator, has completed a farm-in agreement with BHP Billiton Petroleum (Australia) Pty Ltd (BHP Billiton). Under the terms of the agreement BHP Billiton will acquire a 40% participating interest in the WA-389-P permit (subject to Cue not exercising its pre-emptive rights and regulatory approvals). As part of the farm-in arrangements BHP Billiton will pay up to a capped amount for 100% of the drilling of the Banambu Deep prospect.
The Banambu Deep-1 target was identified after a comprehensive study of the seismic data available in respect of permit WA-389-P. The data included 1440 km2 of new 3D seismic acquired and processed last year; the new data was merged with existing 3D data available in the block to select the target.
The objective is a high impact exploration opportunity within our focus area, and is part of a wider acreage holding in the Carnarvon Basin. Cue considers that the entry of BHP Billiton into the permit to participate in drilling Banambu Deep is an endorsement of the high potential of the prospect and the permit.
For further information, please contact:
Cue Energy Resources Ltd
T: +61 3 9670 8668
T: +612 9003 0477
M: +61 414 535 433