Cue Energy Resources Ltd
(ASX:CUE), an oil and gas company, has entered a transaction with BP Developments Australia Pty Ltd in regards to the North West Shelf exploration permits.
Cue owns these permits, which are in the Carnarvon basin, in offshore Western Australia. Under the deal, BP will acquire equity in these permits – subject to government approval and completion of standard due diligence.
BP will acquire 80% equity in one permit (WA-409-P), with the option to acquire 42.5% equity in the other permit (WA-359-P).
Cue’s 20% equity interest in the first permit will be funded by BP for the work programme that is required under the permit for the next 3 years.
Cue reported a net loss of $87.5 million at 30 June 2016.
