Ironbark-1 Drilling Commences

Source: 11/2/2020, Location: Not categorized

Drilling of the Ironbark-1 exploration well in exploration permit WA-359-P in the Carnarvon Basin, offshore Western Australia, commenced at 07:30hrs (AWST) on 31 October 2020. The well, located in water depths of 300 metres, is currently at 407m MDRT and is expected to take approximately 70 to 90 days to drill.

Ironbark-1 will test the giant Ironbark gas prospect, which has a best estimate of 15Tcf prospective recoverable gas resource. The primary Deep Mungaroo target is at a depth of approximately 5,335 mTVDss. Several additional reservoir objectives within the same formation will also be tested.

An extensive Logging While Drilling (LWD) programme has been prepared for the evaluation of the well during drilling. Ironbark-1 is designed as an exploration well that will be plugged and abandoned following the completion of operations.

Cue CEO Matthew Boyall commented on the commencement of drilling.
“We are excited to see the start of the Ironbark-1 exploration well, which will target the giant Ironbark gas prospect. Cue’s 21.5% interest is substantial for an opportunity of this size and has the potential to be company changing if successful.”

“Drilling of the Ironbark-1 well is the culmination of significant work undertaken by Cue to explore and understand the Deep Mungaroo gas play in the Carnarvon Basin and attract partners BP, Beach Energy and New Zealand Oil & Gas to form the current joint venture.”

“Success in Ironbark-1 would open up the potential of further Deep Mungaroo prospectivity along this play fairway.”

Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia, pproximately 50km from existing North West Shelf LNG infrastructure.

Prospective Resource Estimates Cautionary Statement
The estimated quantities of petroleum that may potentially be recoverable by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Updates on the well will be provided by Cue as required upon the occurrence of any material event.

This announcement has been authorised by Matthew Boyall, CEO.

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The well was drilled...

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