Cue Energy Resources Ltd previously announced that it was looking to farm-down interest in exploration permit WA-359-P, located in an under explored region of the northern Exmouth Plateau, North Carnarvon Basin. The company was offering 20% interest in the permit in return for participation and part-funding of a drilling programme which would target the Ironbark prospect.   Cue had held 100% interest in the permit.Â  However, in a deal announced on 29 November 2017, Cue agreed to farm-out 21% interest in WA-359-P to Beach Energy Ltd in return for a one-off payment to Cue of AUD 900,000, for past costs, and future payments equating up to 4% of Cueâs cost for the drilling of the Ironbark 1 exploration well.Â  In additional to this, BP has an option to acquire a 42.5% interest in WA-359-P as part of its farm-in to WA-409-P. In late October 2018 Cue announced that it had entered into an agreement with New Zealand Oil & Gas (NZOG), for NZOG to acquire 15% equity in exploration licence WA-359-P and a 5.36% equity option in neighbouring WA-409-P. Under the agreement NZOG will fund a 15% portion of exploration costs, plus an additional 2.85% of Cueâs cost to drill the Ironbark 1 well and provide Cue with AUD 642,600 to cover past exploration costs associated with WA-359-P. NZOG also has the option to farm-in to exploration permit WA-409-P by acquiring 5.36% interest and thereby carrying Cueâs equivalent cash component of the work programme. Cue has also included an entitlement for a 10% royalty on all future revenue generated by NZOGâs equity stake. This option is valid until July 2019.  BP has the option, as part of a larger farm-in agreement, to acquire 42.5% interest in WA-359-P. The option was originally valid until May 2017, but was extended to 25 October 2017 and again to 25 April 2018. A further extension was granted in mid-April 2018, to October 2018.Â  At this time the permit was scheduled to expire on 25 April 2018, which was the option end date, however Cue was successful in suspending and extending the permit by 12 months following approval from the National Offshore Petroleum Titles Administrator (NOPTA). The option to acquire interest in WA-359-P is supplementary to BPâs acquisition of interest in WA-409-P, also in the Carnarvon Basin and adjacent to WA-359-P. On 20 December 2016 Cue Energy announced that the transfer of 80% equity and operatorship of WA-409-P to BP Developments Australia had been approved by NOPTA. An agreement was first entered into by the two companies on 13 October 2016.     WA-359-P, which covers an area of 649 sq km, was awarded on 1 February 2005. Cue is offering a farm-in opportunity to help fund the drilling of the Ironbark Prospect, scheduled for 2018/2019. If BP and Beach completed their respective farm-ins to the permit it will fund up to 54% of the drilling costs, with gross estimated dry-hold costs being AUD 30 â 50 million. The commitment to drill the well must be made prior to the commencement of the final term. Geotechnical studies are also planned to be undertaken as part of the ongoing work commitments.  The Ironbark gas prospect 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 a farm in partner(s). 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 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.   WA-359-P, which is located in water depths of 200Â m to 500Â m, was awarded on 24 January 2005.Â  Should all farm-ins complete, participants in the permit will be BP plc (42.5% plus operatorship), Cue Energy Resources Ltd (21.5%), Beach Energy Ltd (21.0%) and New Zealand Oil & Gas Ltd (15%).    Companies interested in pursuing the farm-in opportunity should contact:     Matthew Boyall, Commercial Manager    Tel: +61 (0) 3 8610 4000    Email: Matthew.Boyall@cuenrg.com.au
Australia (Warburton - Cooper - Eromanga B.s) Revenue