Cue Energy Resources and BHP Billiton Ltd. have increased their stakes in permit WA-389-P after Woodside Petroleum Ltd.'s exit from the exploration project, which is located in the Carnarvon Basin, off Western Australia.
Cue Energy will raise its interest in WA-389-P offshore Western Australia from 35 percent to 40 percent, while BHP Billiton (Australia) Pty Ltd. will raise its stake to 60 percent and become operator of the permit, subject to the necessary regulatory approvals. An application to renew WA-389-P will be submitted to the National Offshore Petroleum Title Administrator before the end of July.
"Cue has increased its participating interest as it sees significant remaining hydrocarbon potential in WA-389-P. The permit is already substantially covered by 3D seismic which will underpin continuing exploration of the block," the company said in a press release.
Woodside was the operator and held a 35 percent stake in the permit, which is located in the Carnarvon Basin.
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