Cue: Production Vessel Awarded for Oyong

Cue Energy Resources Limited said that the contract for the Oyong field production vessel has been awarded to PT Pulau Kencana Raya for use of the Seagood 101 production barge.

The Oyong field is located in the Sampang PSC area, offshore East Java, Indonesia.

The Seagood 101 is being modified in Batam, Indonesia for service on the Oyong field. Modifications are underway and the vessel is expected to be in position by June 2007, to take delivery of first oil by the end of the second quarter at an estimated initial rate of 10,000 barrels of oil per day.

Participants in the Sampang PSC are:

--Santos (Sampang) Pty Ltd 40.5% (Operator)
--Singapore Petroleum Sampang Ltd 36%
--Cue Sampang Pty Ltd 13.5%
--PT Petrogas Oyong Jatim 10% (subject to finalization)

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