Cue Energy Signs Gas Supply Agreement with Arafura

Source: www.gulfoilandgas.com 2/13/2024, Location: Not categorized

- Cue signs a Gas Supply Agreement with Arafura for up to 2.06 PJ (net to Cue) of gas to be supplied for a period of up to 5 years from 2026
- Firm gas supply, with take-or-pay provisions and a fixed price that escalates with the consumer price index
- Agreement is conditional on various conditions precedent being satisfied by Arafura

Cue Energy Resources Limited is pleased to announce that it has executed a Gas Supply Agreement (GSA) with Arafura Rare Earths subsidiary Arafura Nolans Project Pty Limited (Arafura).

Cue will supply up to 2.06PJ under the GSA, which will be aggregated with gas from other Mereenie field joint venturers, Central Petroleum, Macquarie Mereenie and New Zealand Oil & Gas, to supply up to 27.4 PJ of gas to Arafura.

The GSA will commence in 2026 for a 3-year term, with a further 2-year extension subject to gas volumes being available. The GSA is for firm gas supply with take-or-pay provisions and a price that escalates with inflation. The GSA is conditional on various conditions precedent with respect to the Arafura Nolans project.

Matthew Boyall, CEO of Cue, commented on the GSA: “Cue is pleased to be able to supply gas to the Nolans project to support the development of critical rare earths. This agreement underscores the important role that gas has to play in the energy transition in Australia.”

The Central Petroleum release is attached.

Cue has a 7.5% participating interest, New Zealand Oil & Gas has a 17.5% interest, Macquarie Mereenie has a 50% participating interest and Central Petroleum (Operator) holds a 25% participating interest in the Mereenie field.

Authorised by Matthew Boyall, CEO


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