Cue Signs Northern Territory Gas Supply Agreement

Source: www.gulfoilandgas.com 11/29/2021, Location: Not categorized

Cue Energy has entered into a new gas supply agreement to supply gas to the Northern Territory’s Power and Water Corporation via a back-to-back agreement with Macquarie Mereenie Pty Limited. This is the first new gas supply agreement signed by Cue since completion of the acquisition of the Mereenie, Palm Valley and Dingo assets from Central Petroleum on 1 October 2021.

The agreement is for firm gas supply over a four year term starting 1 Jan 2022, with take or pay provisions and a fixed price subject to annual CPI escalation. The pricing reflects current strong market conditions.

Cue’s contracted gas supply is up to a total of 0.95 Petajoules (PJ) and will be aggregated with Macquarie Mereenie, Central Petroleum and New Zealand Oil & Gas for a total supply of 12.6 PJ over the contract term.

The agreement includes a portion of the increased production from the 2021 Mereenie development campaign, where 2 new production wells were drilled, and four existing wells recompleted. Marketing is continuing for additional gas sales for 2022 and beyond.


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