Oz Approves Ironbark Environmental Plan

The environment plan for the Ironbark-1 exploration well in permit WA-359-P has been approved by the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA), Sydney-listed Cue Energy said on July 17 . The WA-359-P JV interests are: BP (operator) 42.5%; Cue 21.5%; Beach Energy 21%; and New Zealand Oil & Gas 15%.

“Ironbark-1 drilling activities are planned to commence in October 2020 with final timing dependent on the progress of the current drilling program being conducted by the Ocean Apex drilling rig, which is currently under contract in the area for another operator,” Cue said.

Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia, approximately 50km from the existing North West Shelf LNG infrastructure. The Ironbark-1 well is expected to drill to approximately 5,500 metres and will be the first test of the Ironbark gas prospect.

“Cue holds a significant 21.5% participating interest in the world class Ironbark gas prospect, which, if successful, could be company changing for Cue and deliver environmental and economic benefits to Australia and the region,” company CEO Matthew Boyall said.

Cue said it is fully funded for its expected participating interest costs of the well through funding from farm-in agreements with partners and approximately US$8mn of cash reserves which have been escrowed.