Cue Arranges Financing for Maari Project

Cue has arranged project financing for its remaining share of the Maari oil field development in the Taranaki Basin, New Zealand. The facility is for US$20M with BOS International, a part of the Bank of Scotland's global oil and gas business.

It is expected the facility will cover Cue's remaining costs, including contingencies, associated with its share of the development costs of the Maari project, up to completion.

The project development is progressing well with first oil expected during the third quarter of 2008.

Participants in the project are:

OMV New Zealand Ltd 69% (operator)
Todd Energy Limited 16%
Horizon Oil Limited 10%
Cue Energy Resources Limited 5%