Cue Commences Gas Sales into East Coast Trading Markets

Source: www.gulfoilandgas.com 5/4/2022, Location: Not categorized

Cue Energy, through the Mereenie Joint Venture, has entered into agreements to enable sales of uncontracted gas into East Coast trading hubs, including Brisbane and Sydney Short Term Trading Markets (STTMs), which currently offer premium gas pricing.

The first East Coast spot market sale was conducted on 3 May 2022 and achieved an ex-field price (sales price net of all transportation costs) of over $13/GJ, well above joint venture’s current average uncontracted portfolio sales price. Pricing at the various hubs available is currently in excess of $16/GJ and reached a high of almost $20/GJ in Sydney and Brisbane during April.

Approximately 85% of Mereenie gas is contracted under firm gas supply contracts with the remaining uncontracted volumes previously limited to sales in the Northern Territory. These new agreements provide the opportunity to bring new supply into the East Coast spot market while increasing margins for uncontracted production.

Cue thanks Central Petroleum, the operator of the Mereenie Joint Venture, for their work in putting the new trading and transportation agreements in place.


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