Ann: Quarterly Report - 31 March 2011 , page-2

The following is an extract from page 5 of CUE's quarterly released yesterday:-
"WA-359-P and WA-409-P Carnarvon Basin ?Western Australia (30% interest)
Operator: Apache Northwest Pty Ltd
Acquisition of the Zeebries 3D seismic survey continued and is expected to be completed in early May 2011. It is expected to define several new drillable prospects"

The expectation that drillable prospects will be defined is not one that MOG had in it's quarterly but I have to presume that it is based on some indications given to CUE by Apache of early results to date. If this is so then it should be good news for us and could result in Apache making the drill decision. It is also another good reason for holders to vote in favour of the farmin to WA-359-P at the meeting to be held on 18 May.

ANZ