Cue Energy Resources LimitedA.B.N. 45 066 383 971RELEASEWA-360-P...

Cue Energy Resources Limited
A.B.N. 45 066 383 971
RELEASE
WA-360-P Update
On 21 December 2009, MEO through its wholly owned subsidiary North West Shelf
Exploration Pty Ltd, under the terms of the farmin agreement with Cue Exploration
Pty Ltd a wholly owned subsidiary of Cue Energy Resources Limited and Rankin
Trend Pty Ltd, irrevocably committed to drill the Artemis 1 well in WA-360-P at its
sole cost. Cue will have a 15% interest in the well and will be fully carried for all costs
related to the well. MEO has announced that the well will be drilled in Q3/Q4 2009.
MEO has been in negotiations with a potential farminee in relation to MEOs 70%
interest in the well. Cue is not a party to those negotiations, but has been asked to
vary a number of significant provisions of the current Joint Venture Operating
Agreement (together with a Heads of Agreement WA-360-P).
In our view the proposed amendments disadvantage Cue and its shareholders
relative to the status quo. We are continuing discussions in an attempt to resolve
these differences.
Cues 15% free carried interest in the Artemis 1 well will not be altered by the
outcome of these discussions.
Participants in WA-360-P are:
Cue Exploration Pty Ltd 15%
North West Shelf Exploration Pty Ltd 70%
(MEO subsidiary, Operator)
Rankin Trend Pty Ltd 15%
(Moby Oil & Gas Limited subsidiary)
Any queries regarding the announcement should be directed to the Company on (03)
9670 8668 or email [email protected].
Robert J Coppin
Chief Executive Officer 24 March 2010