|
Monday 28th June 2010 |
Text too small? |
Dual-listed oil and gas company Cue Energy has sold its 10.72% interest in the Papua New Guinean PRL8 licence area, which includes the Kimu gas field.
The sale, announced this morning, comes as Cue prepares to ramp up exploration in the adjacent PRL9 licence area, with the Barikewa-3 exploration well due to be drilled in the second quarter of the current financial year.
The cash purchase is by "a major international oil and gas company," which will remain unnamed until pre-emption processes are concluded with joint venture partners in the PRL8 licence.
Cue, which is 23.5% owned by Todd Petroleum Mining, will continue to hold its interest in the SE Gobe producing oil field, in PPL190, which contains that Bilip, Cobra and Iehi discoveries, and in the Barikewa gas field.
The Barikewa well would allow testing for the field's potential inclusion in LNG projects, pipelines for which run close by the licence area. As much as 1.5 trillion cubic feet of recoverable gas may be contained in the Barikewa field.
Cue shares were unchanged today, having last traded on the NZX on June 23 at 32 cents.
Businesswire.co.nz
No comments yet
Cue sticks with 3-5 wells a year in hunt for 'transformational growth'
Cue outlines four new wells for Maari oil and gas field next year
Cue Energy nearly triples 1H profit on forex gains
Todd Energy seeks four new directors for Cue Energy
Cue Energy turns to profit as production income ramps up
North-West Shelf shapes Cue Energy's prospects
Short sellers emerge as Cue Energy returns to NZX
