Cue Energy Resources Ltd announced on 20 December 2016 that the transfer of 80% equity and Operatorship of exploration permit WA-409-P to BP Developments Australia had been approved by the National Offshore Petroleum Titles Administrator (NOPTA). An agreement was first entered into by the two companies on 13 October 2016.  The agreement also includes the option for BP to acquire 42.5% interest in the adjacent permit WA-359-P. The option was valid through until May 2017, but was initially extended to 25 October 2017 and then again to 25 April 2018.Â  A further six month extension may be granted under certain conditions. The latest expiry of the option, announced in mid-December 2017, is the current expiry date of the permit.Â  An extension application is planned to be made prior to this.Â   Both the WA-409-P and WA-359-P permits are located in an under explored region of the northern Exmouth Plateau, North Carnarvon Basin. Under the agreement, Cueâs work programme costs in WA-409-P, based on the remaining 20% equity interest over the next three years, will be fully funded by BP (estimated at AUD 400,000). The permit was under a 12 month work suspension prior to reaching its expiry date on 29 April 2016. Cue had lodged an application for renewal prior to the announced agreement, which was granted on 13 October 2016 for a period of five years. If BP opts to acquire the additional interest in WA-359-P it will fund 50% of drilling costs associated with the permit which is likely to include drilling of the Ironbark Prospect in 2018. Before deciding on the WA-359-P option, Cue has reported that BP will assist in finding an Operating Partner for the permit. Cue has been offering a farm-in opportunity in both permits for some time with the Ironbark Prospect being the biggest attraction to the opportunity.  WA-409-P, which covers an area of 324 sq km, was awarded on 30 April 2008.Â  Cue acquired 100% interest after the withdrawal of joint venture partners Apache Energy and Moby Oil and Gas in February 2015. Apache had previously been granted two contract extensions/suspensions of the sixth year work programme, totalling 12 months. The extensions allow time to complete seismic reprocessing of existing Zeebries multi-client MC3D data (2011) and select potential well locations. This will now be conducted within the first three year term of the renewed work conditions. The decision to renew the permit was fist due in Q4 2014 prior to extensions. Under the renewed terms, one exploration well has been scheduled in term four, at a forecasted cost of AUD 50 million. The commitment to drill the well must be made prior to the commencement of that term on 13 October 2019. Prior to drilling, BP and Cue will undertake seismic PSDM reprocessing of the Zeebries 3D survey data, totalling 325 sq km. The data shall then be assessed for prospect mapping, fault seal analysis. WA-359-P, which covers an area of 649 sq km, was awarded on 1 February 2005. Cue held a 100% interest in the permit, however in November 2017 a farm-out to Beach Energy, for 21% interest in the permit, was announced.Â  Beach will be free carrying 4% of the Ironbark well cost under the farm-in agreement. Cue is thought to still be offering a further farm-in opportunity to help fund the drilling of the Ironbark Prospect, scheduled for 2018. Â If BP farm-in to the permit it will fund up to 50% of the drilling costs: an estimated AUD 15 â 25 million (based on gross estimated dry-hold costs of AUD 30 â 50 million). Geotechnical studies are planned to be undertaken as part of the ongoing work commitments. Gas prospect Ironbark is located in the Triassic intra-Mungaroo Formation sands, which has already been proven as a significant gas bearing reservoir in the Perseus and North Rankin fields located approximately 25Â km to the south. An area of up to 400 sq km has been assigned to the prospect, spanning over both WA-409-p and WA-359-P and is estimated to contain unrisked prospective gas resources in excess of 15 Tcf (based on a technical estimated by Cue). It has been reported that the well would have an expected total depth of around 3,500 m. The WA-359-P period three work commitment - drilling of one exploration well (Ironbark 1), has been suspended since 26 October 2015 and will remain so until 25 April 2018 after Cue received approval to further suspend the permit on 11 April 2016. Cue applied for the suspension to permit time to finalise the planning of drilling the Ironbark prospect and secure farm in partners.  The Brigadier 1 well, completed in 1978, is the only well within WA-359-P. Shows were recorded within the base Cretaceous/Top North Rankin Formation around a depth of 2,810Â m.  The main oil prospect within WA-359-P, Sherlock (a combined structural and stratigraphic trap), is estimated to contain 300Â MMb oil in place. Work was undertaken in 2014 to lower the geological risk of the prospect.Â  The primary target is expected below the base Cretaceous.  The North Carnarvon Basin is one of the most prospective resource provinces within Australia with over 150 producing and developing fields. Reprocessing of existing multi-client 3D seismic data over the WA-359-P area was completed in November 2013 which has facilitated a geological and geophysical study conducted by Cue.  BP entered into a farm-in agreement with Cue Energy to acquire interest in WA-409-P. Now that the deal is complete, participants in the permit are Cue Exploration Pty Ltd (20%) and BP plc (80% + Operator). If BP proceeds with the option to acquire interest in WA-359-P, participants will be: BP (42.5% interest) Cue Energy Ltd (36.5% interest) and Beach Energy Ltd (21% interest).
Australia (North Carnarvon B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: WA-409-P op. by BP (80.0%, CUE 12.5%, BEACH 7.5%) to be check.WA-359-P op. by CUE (79.0%, BEACH 21.0%) to be check.