off on a flyer

Cue Energy Resources Limited A.B.N. 45 066 383 97
RELEASE
SE GOBE-12 Well Encounters Oil
The SE Gobe 12 development well has encountered a 25.8 metre net oil column
in the Lower Iagifu sandstone reservoir, overlain by a 25.4 metre net gas column
in the Upper Iagifu sandstone reservoir.
No hydrocarbon contacts were penetrated by the well. The well is currently being
completed as an oil producer and a potential future gas injector.
SE Gobe 12 oil production is expected to begin in mid April 2006, at an estimated
rate of 1500-2000 barrels of oil per day.
Participants in the SE GOBE unit are:
AGL Gas Developments (PNG) Pty Limited 27.35%
Oil Search (PNG) Limited 25.55% (Operator)
Southern Highlands Petroleum Co Ltd 23.69%
Barracuda Limited (Santos) 9.39%
Ampolex (Highlands) Limited 5.95%
Cue PNG Oil Company Pty Ltd 3.29%
Merlin Petroleum Company Limited 2.78%
Petroleum Resources Gobe Limited 2.00%
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 22 March 2006