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Ironbark-1 drilling regulatory approvals completed

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Oilfield Technology,

Regulatory approvals required for the drilling of the Ironbark-1 well in exploration permit WA359-P have now been completed and the operator, BP, is making final preparations for the handover of the Ocean Apex drilling rig, expected to be in October.

The Well Operations Management Plan and the Safety Case for the Ocean Apex drilling rig were the final regulatory documents required to be approved by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA). Both of these documents have now been approved.

Mobilisation of the Ocean Apex drilling rig for the Ironbark-1 well is expected to commence mid-October, with drilling expected to begin by the end of October.

Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia, approximately 50 km from existing North West Shelf LNG infrastructure. The Ironbark-1 well is expected to drill to approximately 5500 m and will be the first test of the world class Ironbark gas prospect.

Cue is fully funded for its expected participating interest costs of the well through funding from farm-in agreements with partners BP, Beach Energy and New Zealand Oil & Gas and approximately US$8 million of cash reserves which have been escrowed.

The WA-359-P Joint Venture participating interests are: BP (operator) 42.5%, Cue 21.5%, Beach Energy 21%, and New Zealand Oil & Gas 15%.

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