Cue announced the sale of its interest in PRL8 in Papua New Guinea for US $5.14MM in cash. The buyer, a major international oil and gas company, wishes to remain unnamed until joint venture pre-emption processes are concluded.
The transaction will be effected by selling 100% of the shares in Cue's wholly-owned subsidiary, Omati Oil Pty Limited. The primary asset held by the subsidiary is a 10.72% interest in PRL8, which contains the Kimu gas field.
Completion of the sale is anticipated in late July / early August 2010.
Cue will continue to hold its interests in PNG in the SE Gobe producing oil field, in PPL 190 which contains the Cobra, Bilip and Iehi discoveries and in the Barikewa gas field. Cue expects that the Barikewa -3 well will be drilled in the second quarter 2011 to appraise the field for potential inclusion into PNG LNG projects. The Barikewa field has the potential to contain around 1.5 trillion cubic feet of recoverable gas.
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