JV partner Cue Energy reports that the Ocean Apex drilling rig has completed its work scope to plug and abandon the Ironbark-1 well in exploration permit WA-359-P, offshore Western Australia.
Cue CEO Matthew Boyall commented on the well and Cue’s ongoing business: 'The results of the Ironbark-1 well were disappointing, but we thank BP, the operator of the permit, for their safe and professional execution of the drilling operations. Cue has a strong underlying business with 2 projects currently in the development phase in addition to the continuing revenue from the Maari and Sampang projects.With cash reserves available, Cue continues to look for new, value adding opportunities.'
The WA-359-P Joint Venture participating interests are: BP (operator) 42.5%; Cue 21.5%; Beach Energy 21%; New Zealand Oil & Gas 15%.
Source: Cue Energy