SPC Increases Stake in Cue Energy to 9.50%

Singapore Petroleum Company (SPC) has notified the Australian Securities Exchange (ASX) that SPC has increased its shareholding in Cue Energy Resources Limited to approximately 9.50%. This follows SPC’s earlier announcements dated July 23, August 3 and 17, 2007.

From August 20, 2007 to October 12, 2007, SPC acquired 6,602,902 Cue Energy shares for investment purposes in the ordinary course of trading on the ASX at an average price of A$0.2368 per share. This brings SPC’s total shareholding in Cue Energy to 59,658,633 ordinary shares. These shares are held through nominee holders.

Cue Energy is one of SPC’s existing partners in the Sampang Production Sharing Contract in Indonesia, and SPC may from time to time explore the possibility of closer co-operation with its partners. Any discussions with Cue would be on an exploratory basis.

The Group does not expect the above transaction to have any material impact on the earnings per share and the net tangible asset per share of the SPC group of companies for the current financial year.