Cue and BHP Billiton agreed to increase their respective interests in the permit following Woodside’s decision to withdraw and resign as Operator. Cue now holds a 40% interest in the permit which we consider to hold significant remaining petroleum potential, particularly Triassic gas.
BHP Billiton Petroleum has been appointed Operator and the Joint Venture has had a renewal application for the permit accepted on a reduced area for a further five year exploration term.
Reprocessed seismic data over the permit has been received by Cue and a full evaluation of the prospectivity of the Block is now underway. Potential prospects include the Caterina prospect and Deep Mungaroo prospects analogous to Ironbark in the nearby WA-359-P and WA-409-P permits.