Australia: Cue Completes WA-389-P Transaction

Cue Energy Resources Limited is pleased to announce that all regulatory approvals have now been received for Woodside Burrup Pty Ltd to farm into Cue’s WA-389-P permit in the offshore Carnarvon Basin of Western Australia. This transaction was initially announced on 27 April, 2010.

Following receipt of the approvals Woodside has paid Cue US$5 million to cover back costs. Woodside has become operator of the permit.

The WA-389-P permit contains the Caterina prospect and several other prospects that have potential to contain multi trillion cubic feet volumes of natural gas. Woodside is expected to begin acquiring a 1440 square kilometre 3D seismic survey in the permit in around February 2011 and a firm well is expected to be drilled in late 2011/2012.

Participants in the permit are now: Woodside Burrup Pty Ltd, 65% (Operator); Cue Exploration Ltd, 35% (a100% owned affiliate of Cue Energy Resources Ltd);

[mappress]

Source: Cue Energy Resources, January 10, 2011;

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