Cue Energy Resources says that Woodside Energy Ltd has agreed to farm into Cue's 100% interest WA-389-P permit in the offshore Carnarvon Basin of Western Australia.

The WA-389-P permit contains the Caterina prospect and several other prospects that have the potential to contain multi trillion cubic feet volumes of natural gas.

Woodside will obtain a 65% interest in the permit by committing to; (a) Pay Cue's back costs to US$5 million. (b) Paying 100% of the cost of acquiring 1440 km2 of new 3D seismic data. (c) Paying 100% of the cost of reprocessing existing 3D seismic surveys and merging these data with the new data. (d) Paying 100% of the cost of the first exploration well in the permit.

Woodside will become the operator for the permit.

The farmin is conditional on completion of farmin documentation and receipt of appropriate government approvals.

'Cue is pleased to have Woodside farmin to the WA-389-P permit as it has very extensive experience in the area and is uniquely positioned to undertake early drilling and hence to monetize a consequent discovery' said Cue's Chief Executive Officer Bob Coppin.

Participants in the permit post finalization of the farmin will be: Woodside Energy Ltd 65% (Operator) Cue Exploration Pty Ltd (a 100% own affiliate of Cue Energy Resources Ltd) 35%

Tags: Cue Energy, Woodside Energy Ltd.