Ironbark Prospect Update
Wednesday 29 November 2017
Ironbark is a giant Mungaroo Formation prospect that is mapped with an area of up to 400km2 and a best technical estimate of 15 Trillion cubic feet (Tcf) of prospective recoverable gas resource2 based on an internal assessment performed by Cue.
Wood Mackenzie estimates that the North West Shelf LNG plant and infrastructure will have spare capacity from 2021.The Ironbark prospect is less than 50km from the North Rankin platform (North West Shelf LNG) and in close proximity to Pluto and Wheatstone LNG infrastructure, providing cost effective commercialisation options.
Cue CEO Matthew Boyall said:
“These agreements are another major step forward in securing partners and funding to drill the Ironbark well. They display the confidence that another major company has in Cue’s Ironbark prospect. Including the BP 42.5% option, Cue has now conditionally secured 75% of the funding for the Ironbark-1 well and retains potential long term value from any success in WA-409-P through a revenue royalty.
Cue currently retains 36.5% uncommitted equity in WA-359-P and we continue to talk to companies interested in forming a Joint Venture together with Beach and BP to share in this high impact opportunity.”