Cue has farmed-in to two new exploration permits in New Zealand.
Cue has obtained a 20% interest from Todd Exploration in permit PEP 51313 which lies immediately adjacent to the Maari and Manaia oil fields in the offshore Taranaki Basin of New Zealand. The permits cover an area of 2628 sq km and the 5-year permit term began on July 30, 2009.
The permit incorporates most of the area of PEP 38494 in which Cue was obtaining a 20% interest. This permit was relinquished earlier this year and has been incorporated into PEP51313.
The permit work program, in the first 2 years, consists of seismic reprocessing, 3D seismic acquisition over the greater Matariki area and the acquisition of 2D seismic in year 2.
The joint venture has the option to drill exploration wells in the third and fifth years of the permit.
Cue will earn its 20% interest by reimbursing Todd for Cue's equity share of prior permit costs and in addition funding part of Todd's share of the 3D seismic costs.
Participants in PEP 51313 are:
Cue is obtaining a 20% interest from Todd Exploration in permit PEP 51149. The permit is largely onshore in the Taranaki Basin south of New Plymouth, New Zealand. Cue is earning its interest by reimbursing Todd Exploration for Cue’s equity share of permit costs incurred from the award of the permit in September 2008.
PEP 51149 contains several prospects and leads that have potential to contain significant commercial volumes of natural gas. A 2D seismic survey has recently been acquired over the Tohu lead. The joint venture has the option to drill exploration wells in later years.
Participants in PEP 51149 are:
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