(MENAFN- ProactiveInvestors - Australia) CUE Energy (ASX:CUE) and its joint venture partners have farmed out a 30% interest in the PEP 51313 exploration block to OMV New Zealand.
Following the farm out the new joint venture in the block will have OMV New Zealand with 30% interest, Todd Exploration with 35%, Horizon Oil (ASX: HZN) with 21% and Cue with 14%.
Prior to the farm out, Todd had 50% interest while Horizon and Cue had 30% and 20% respectively.
The joint venture parties are also partners in the PMP 38160 Maari Production joint venture.
The farm in is subject to regulatory approval with OMV assuming operatorship after the completion of a seismic program slated for the first quarter of next year.
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