Cue Energy Resources Ltd., a junior Australian oil and gas company, disclosed Thursday 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 offshore Western Australia 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 percent equity and is operator of WA-359-P.
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 54 - 154 square miles (140 - 400 square kilometers) 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.
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