Carnarvon Basin

Exploration

WA-359-P
Status	Exploration
Location	Carnarvon Basin, Offshore Western Australia
Working Interest	100%
Operator	Cue Exploration Pty Ltd.
Permit Description and Activity	Cue has evaluated the regional prospectivity in all of its Western Australia offshore permits and has identified an exciting new play type associated with the prolific gas-bearing Mungaroo Formation. The “Ironbark” prospect, a Mungaroo Formation prospect with multiple objectives, has been identified as the primary candidate for drilling and Cue estimates that it holds a success case best technical estimate of 15 trillion cubic feet (TcF) of gas reserves. A farm-out process to find suitable joint venture partner(s) to participate in the drilling of the well is ongoing. Cue has granted BP Developments Australia Pty Ltd an option over 42.5% equity in WA-359-P, exercisable by the the end of October 2017. If exercised, 50% of the Ironbark-1 well would be funded. Cue is continuing discussions with other potential farm-in partners.

WA-389-P
Status	Exploration
Location	Carnarvon Basin, Offshore Western Australia
Working Interest	100%
Operator	Cue Exploration Pty Ltd
Permit Description and Activity	Cue is Operator and 100% Equity holder in WA-389-P. A suspension and extension application has been submitted to NOPTA to request further time to review the prospectivity of the Deep Mungaroo Play, analogous to Ironbark in WA-359-P. Seimic data over the Permit was reprocessed by the previous operator.

WA-409-P
Status	Exploration
Location	Carnarvon Basin, Offshore Western Australia
Working Interest	20%
Operator	BP Developments Australia Pty Ltd
Permit Description and Activity	In October 2016, Cue farmed out 80% equity in WA-409-P to BP. Cue has no funding requirements for the primary term work commitment, which included reprocessing of seismic data over the permit.