Cue Energy Acquires Stake in AC/P20

Cue has acquired a 20% interest in AC/P20 in the Timor sea from Todd Petroleum Australia Limited. The effective date of the assignment is July 30, 2005.

AC/P20 contains the Maple-Cash gas field discoveries. The estimated P5O Nome, Montara and Plover formations potentially recoverable gas resource in the field are estimated to be approximately 1 TCF.

The field situated in a 127 meters water depth is located within Australian Commonwealth waters in the Ashmore Cartier area of the Timor sea.

Participants in AC/P20 are Coogee Resources (Ashmore Cartier) Pty Ltd. as operator with 80%; Cue (Ashmore Cartier) Pty Ltd with the remaining 20%.

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