Australian oil and gas company Woodside has decided to divest its stake in the WA-389-P permit, located in Australia.
Cue Energy Resources, which owns a share in the licence, has announced that subject to the necessary regulatory approvals, it has agreed to increase its interest from 35% to 40% in WA-389-P in the Carnarvon Basin, Western Australia.
“Cue has increased its participating interest as it sees significant remaining hydrocarbon potential in WA-389-P. The permit is already substantially covered by 3D seismic which will underpin continuing exploration of the block,” said the company in a statement.
BHP Billiton (Australia) Pty Ltd has also agreed to increase its interest to 60% in the permit and assume operatorship, subject also to the necessary regulatory approvals. An application to renew WA-389-P will be submitted to NOPTA prior to the end of July this year.
Participants in WA-389-P following renewal of the licence will be: Cue Exploration Pty Ltd 40% BHP Billiton (Australia) Pty Ltd (operator) 60%