SPC's Stake in Cue Energy Reaches 14.06%

Singapore Petroleum Company Limited (SPC) has according to the requirements of the Australian Corporations Act 2001, notified the Australian Securities Exchange (ASX) that SPC has increased its shareholding in Cue Energy Resources Limited (Cue Energy) to approximately 14.06%. This follows SPC's earlier announcements dated 23 July, 3 and 17 August, 15 and 30 October, 14 November, 3 December 2007, and 18 January 2008.

From 21 January to 10 March 2008, SPC acquired 7,735,303 Cue Energy shares for investment purposes in the ordinary course of trading on the Australian Securities Exchange at an average price of A$0.2006 per share. This brings SPC's total shareholding in Cue Energy to 88,309,429 ordinary shares. These shares are held through nominee holders.

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.