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October 29, 2018

Cue, BP, Beach and NZOG sign JV deal for Ironbark-1 exploration well

Cue Energy Resources’ subsidiary Cue Exploration has signed an agreement with BP Developments, Beach Energy and New Zealand Oil & Gas (NZOG) to form a joint venture (JV) to undertake drilling operations at the Ironbark-1 exploration well in WA-359-P, off the Western Australian coast.

Cue Energy Resources ’ subsidiary Cue Exploration has signed an agreement with BP Developments, Beach Energy and New Zealand Oil & Gas (NZOG) to form a joint venture (JV) to undertake drilling operations at the Ironbark-1 exploration well in WA-359-P, off the Western Australian coast.

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The Ironbark prospect is estimated to contain 15Tcf of prospective recoverable gas.

In a separate transaction, New Zealand Oil & Gas reached an agreement to buy a 15% equity in WA-359-P from Cue.

Under the terms of the JV agreement, Cue, BP, Beach and NZOG will fund the drilling programme. The deal will see BP assume operatorship of the JV.

Before the official title transfers and creation of a formal JV, which are slated for completion during the second quarter of next year subject to certain conditions, including regulatory approvals, BP will begin work on the Ironbark-1 exploration well.

“Under the terms of the JV agreement, Cue, BP, Beach and NZOG will fund the drilling programme.”

Until the formation of the JV, Cue will continue to hold a 100% equity in WA-359-P.

Cue Energy Resources CEO Matthew Boyall said: “This agreement sets out a pathway for Cue, BP, Beach and NZOG to immediately commence detailed well planning work and form a fully funded joint venture to drill the Ironbark-1 exploration well.”

Once the deal is closed, Cue will hold a 21.5% interest in the permit. BP (42.5%), Beach (21%) and NZOG (15%) will hold the remaining stake.

Around $11.3m of Cue’s share of the Ironbark-1 exploration well costs will be jointly financed by BP, Beach and NZOG.

Cue will use its current cash reserves to fund its remaining share of the well cost.

Located less than 50km from the North Rankin platform, the Ironbark prospect is a Mungaroo Formation prospect.

Meanwhile, BP will now have until 25 April next year to exercise its option to acquire a 42.5% equity in WA-359-P.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
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Enter your details here to receive your free Report.

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