Cue Secures New Exploration Permit in Taranaki Basin Offshore New Zealand

Cue advises that it has been awarded a new exploration permit in the Taranaki Basin in New Zealand’s offshore waters.

Cue has been successful in a bid for a 20% interest together with Todd Exploration (80%) interest in permit PEP 54865 which lies immediately adjacent to PEP 51313 and the Maari and Manaia oil fields in the offshore Taranaki Basin of New Zealand. The permit covers an area of 2,475 sq km and is for a 5 year permit term.

The award was announced by the Hon. Phil Heatley, Minister of Energy & Resources on the 11th December 2012. PEP 54865 was one of several areas offered by the government of New Zealand for competitive bidding.

The permit work programme in the first 30 months consists of seismic reprocessing, geological studies and 285 sq km 3D seismic acquisition and processing.

The joint venture has the option to drill an exploration well in either the third or fourth year of the permit.

Participants in PEP 54865 are:

– Cue Taranaki Pty Ltd 20%

– Todd Exploration Limited 80% Operator

“The award of PEP 54865 builds on Cue’s existing interests in the Taranaki Basin which include the successful Maari and Manaia oil field development and PEP 51313. The new permit contains several prospects and leads that have excellent potential for future oil and gas discoveries“, said the company in a press release.

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Press Release, December 12, 2012