Cue Energy delays work program on Australian permit
Australian oil and gas company Cue Energy Resources has received approval for a suspension of the Year 4 work program commitment on the WA-389-P permit offshore Australia.
Cue Energy said on Thursday that the approval was awarded by the National Offshore Petroleum Titles Administrator (NOPTA).
Namely, the Year 4 work commitment comprises geological and geotechnical studies which are now due to be completed by October 2019. According to the company, the permit term has also been extended until October 2020.
The WA-389-P permit is located in the Carnarvon Basin, offshore Western Australia, adjacent to Cue’s WA-359-P and WA-409-P permits.
Cue holds 100 percent equity and is the operator of the permit via its fully owned subsidiary Cue Exploration Pty Ltd.
The company has already identified several Deep Mungaroo leads in the permit which are analogous to the world-class Ironbark prospect in the adjacent WA-359-P.
Geological and geophysical studies will be undertaken to produce a comprehensive prospect portfolio over the permit to enable Cue to fully assess Deep Mungaroo prospectivity. A decision on entering Permit Year 5 and committing to a well is now not required until October 2019.
In the first three years, the operator conducted geotechnical studies engulfing 1,250 square kilometers, 3D PSDM reprocessing as well as 450 kilometers of 2D reprocessing.