Cue Energy Announces Amadeus Basin Acquisition Completion

Source: 10/1/2021, Location: Not categorized

Cue Energy Resources Limited (Cue) acquisition of interests in the Mereenie, Palm Valley and Dingo gas and oil fields in the Northern Territory, Australia, from Central Petroleum Limited (CTP) (Central) has completed.

Cue’s acquired interest are:
- 7.5% interest in the Mereenie gas and oil field (OL4 and OL5 Production Licences)
- 15% interest in the Palm Valley gas field (OL3 Production Licence)
- 15% interest in the Dingo gas field (L7 Production Licence).

All three fields are in production and supply gas into the Eastern Australia gas market or local Northern Territory market. As of 30 June 2021, Cue reported 4.1 million barrels of oil equivalent (mmboe) 2P reserves in the fields.

Cue has paid $8.9 million to Central, comprising of an $8.7 million upfront payment and $0.2 million in adjustment for revenues earned and costs incurred from the effective transaction date of 1 July 2020.

As part of the transaction, Cue will also fund Central’s share of exploration, appraisal and development costs to a cap of $12 million. The recent completion of 2 new production wells and 4 well recompletions in the Mereenie field were included in the carried cost contribution by Cue.

The Mereenie development activities resulted in an anticipated additional 10 TJ/day of wellhead capacity from the field. Further exploration and development is planned in all three fields, providing multiple pathways to growth.

Central Petroleum remains as operator and will manage the gas sales function on behalf of Cue under a joint marketing agreement.

Cue Chief Executive Officer Matthew Boyall says that the acquisition expands the company’s production portfolio.

“The acquisition of these good quality, long life production assets is a valuable addition to Cue’s production portfolio. The further development and exploration potential and pipeline connection into the strong Eastern Australia gas market, makes these assets exciting to be part of.

We look forward to working with Central and our other joint venture partners to further develop and explore the Mereenie, Palm Valley and Dingo fields.”

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