Posted by OilVoice Press - OilVoice
Approval of 24 month suspension of WA-389-P Year 4 work commitment until October 2019
Permit term extended 24 months until October 2020
WA-389-P contains several leads analogous to the world class Ironbark prospect
Geotechnical studies underway to fully evaluate the prospectivity of the permit
Cue Energy Resources Ltd (ASX:CUE) is pleased to advise that it has been notified by the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of its application for a suspension of the Year 4 work program commitment for WA-389-P and extension of the permit term.
The Year 4 work commitment comprises Geological and Geotechnical Studies which are now due to be completed by October 2019. The permit term has also been extended until October 2020.
WA-389-P is located in the Carnarvon Basin, offshore Western Australia, adjacent to Cue's other permits WA359-P and WA-409-P. Cue holds 100% equity and is operator of WA-389-P via its fully owned subsidiary Cue Exploration Pty Ltd.
Cue has identified several Deep Mungaroo leads in WA-389-P 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 the Deep Mungaroo prospectivity. A decision on entering Permit Year 5 and committing to a well in WA-389-P is now not required until October 2019.
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