Cue Processes Rose 3D, 2D Seismic in Carnarvon Basin

Cue Energy Resources, as operator and 100% participant of permit WA-389-P in the Carnarvon Basin, advises that processing of the Rose 3D and 2D seismic surveys has been completed. The dataset is in house and preliminary interpretation has commenced.

The survey was acquired in August 2008 across adjoining areas of permits WA-388-P and WA-389-P and comprised approximately 1400 sq km of 3D seismic coverage. Of this approximately 350 sq km of 3D and 117 km of 2D data was within WA-389-P.

The WA-389-P permit is located 90km north of the North Rankin Trend gas/condensate province. The new data provides coverage over a prospective section of the permit that is characterized by rapidly changing water depth which causes depth conversion complexities. The recent Iago, Pluto and Wheatstone discoveries and the Artemis prospect are all in a similar subsurface setting.

Mapping on existing 2D seismic data has identified several large structural leads in the area with the potential to contain multiple TCF of gas in Triassic reservoirs.

Cue expects that the new seismic data will have a positive impact on the technical assessment of the area and provide robust depth conversion to confirm the integrity of the 2D defined Triassic structures. A formal farm-out process will be commenced in 4Q 2009 to attract a partner to the area.