Carnarvon Basin

Exploration

WA-359-P
Status	Exploration
Location	21.5%
	%
Operator	BP Developments Australia Pty Ltd
Permit Description and Activity	Cue 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. In June 2019, Cue completed the farm out of equity in WA-359-P to BP Developments Australia Pty Ltd (BP) 42.5%, Beach Energy 21% and New Zealand Oil & Gas 15%. At the same time, BP was appointed operator of the Permit. The Ironbark-1 exploration well is scheduled to be drilled in 2020. Cue is fully funded for its share of the well costs through carry payments from JV partners and US$8.3m in escrowed cash

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.

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. Beach Energy and New Zealand Oil & Gas have each been granted equity options over the permit.