The Northern Territory Government has provided its regulatory approval to Cue in relation to the transaction to acquire Amadeus Basin assets from Central Petroleum.
This satisfies a key condition precedent of the transaction. Conditions remaining to be satisfied are third party approvals.
As announced on 25 May 2021, Cue has executed a sale and purchase agreement to acquire a 7.5% interest in the Mereenie gas and oil field and 15% interest in the Palm Valley and Dingo gas fields in the Amadeus Basin, onshore Northern Territory
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About Cue Energy
Cue Energy Resources Limited is an Australian Securities Exchange (ASX: CUE) listed oil and gas production and exploration company. Cue's FY21 revenue was A$22.5million from gas production offshore Indonesia and oil production offshore New Zealand and onshore Indonesia. Cue has operated and non-operated interests in exploration permits in the Carnarvon Basin, offshore Western Australia. In May 2021, Cue entered into transaction documents to acquire interests in the Mereenie gas and oil field, and the Palm Valley and Dingo gas fields, from Central Petroleum Limited.
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Various statements in this document may constitute statements relating to intentions, opinion, expectations, present and future operations, possible future events and future financial prospects. Such statements are not statements of fact, and are generally classified as forward looking statements that involve unknown risks, expectations, uncertainties, variables, changes and other important factors that could cause those future matters to differ from the way or manner in which they are expressly or impliedly portrayed in this document. Some of the more important of these risks, expectations, uncertainties, variables, changes and other factors are pricing and production levels from the properties in which the Company has interests, or will acquire interests, and the extent of the recoverable reserves at those properties. In addition, the Company has a number of exploration permits. Exploration for oil and gas is expensive, speculative and subject to a wide range of risks. Individual investors should consider these matters in light of their personal circumstances (including financial and taxation affairs) and seek professional advice from their accountant, lawyer or other professional adviser as to the suitability for them of an investment in the Company. Except as required by applicable law or the ASX Listing Rules, the Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of the information contained in this document, and disclaims any obligation or undertaking to publicly update any forward-looking statement or future financial prospects resulting from future events or new information. To the maximum extent permitted by law, none of the Company or its agents, directors, officers, employees, advisors and consultants, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this document.
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