Cue Energy Hikes Stake in Western Australia Permit

Cue Energy Resources has agreed to increase its interest from 35% to 40% in WA-389-P in the Carnarvon Basin, Western Australia.

The company has gone in for the move as it sees significant remaining hydrocarbon potential in WA-389-P. The permit is already substantially covered by 3D seismic which will underpin continuing exploration of the block, Cue said in a statement.

BHP Billiton has also agreed to increase its interest to 60% in the permit and assume operatorship.

The permit contains the large Caterina Prospect and numerous other large structural and stratigraphic leads. Caterina is a large tilted fault block with potential to contain up to approx. 11 trillion cubic feet of natural gas in place in stacked sands.