Cue Energy Resources Ltd advises that the equity option over exploration permit WA-359-P granted to BP Developments Australia Pty Ltd (BP), as announced on the 13th October 2016 and due to expire on the 25th October 2017, has been extended until the 11th December 2017. If BP exercise the option over WA-359-P, 50% of the Ironbark well cost will be funded.
Cue is seeking to secure a partner or partners to join themselves and BP in WA-359-P to drill an exploration well in 2018 to test the Ironbark prospect.
Ironbark Prospect
The Ironbark prospect is a giant Mungaroo Formation prospect that is mapped with an area of up to 400km2 with a best technical estimate of 15 Trillion cubic feet (Tcf) of prospective recoverable gas resource1 based on an internal technical assessment performed by Cue.
Wood Mackenzie estimates that the North West Shelf LNG plant and infrastructure will have spare capacity from 2021.The Ironbark prospect is less than 50km from the North Rankin platform (North West Shelf LNG) and in close proximity to Pluto and Wheatstone LNG infrastructure, providing cost effective commercialisation options.