Project Profile
Value: undisclosed
Location: WA-360-P, Carnarvon Basin, Australia
Reserves: unknown
Area: unknown
Start-up year: -
MEO operates WA-360-P and WA-361-P and Cue has 15% equity in both permits. WA-360-P and WA-361-P are immediately adjacent to the giant Rankin trend gas fields and on trend with the recent Pluto and Wheatstone gas fields which are now planned as LNG projects. Cue believes that these permits have remaining gas potential. In February 2005, Cue (Operator and 50%) and GasCorp (50%) were granted the permit for a period of 6 years. Cue initially farmed out the permits to MEO in December 2007. MEO earned 60% interest in each permit by acquiring 250 square kilometres of 3D seismic over WA-360-P and WA-361-P at no cost to Cue.
On the basis of this data MEO identified the Zeus prospect. In July 2008, MEO committed to drill the Zeus-1 well in WA-361P. Cue elected to reduce its equity to 15% in return for a free carry through the well. Zeus-1 was drilled in January and February of 2009. The well encountered two good quality sand packages, separated by an interval within the primary objective Legendre sandstone. The well was subsequently plugged and abandoned as a dry hole. The Joint Venture has recently extended the permit for a further five year period and plan to undertake a further 3D seismic survey in 2011.In March 2009, MEO acquired 250 square kilometre of 3D seismic data over the Artemis prospect. Cue contributed 5% to the cost of the survey. In December 2009, MEO irrevocably committed to drilling the Artemis -1 well and as a consequence Cue assigned a 5% interest to MEO and reduced its equity in WA-360-P to 15%. Cue would have a free carry through the Artemis -1 well. The Artemis -1 well was drilled in November and December 2010 and was plugged and abandoned as a dry hole. The Joint Venture is currently reviewing all technical data regarding this permit.
Operators:
Petrobras International Braspetro BV: 50%
North West Shelf Exploration Pty Ltd (subsidiary of MEO Australia Limited): 25%
Cue Exploration Pty Ltd (subsidiary of Cue Energy Resources Limited): 15%
Rankin Trend Pty Ltd (subsidiary of Moby Oil): 10%
Contractor:
Songa Offshore Pte. Ltd.: Drilling contractor