(MENAFN- ProactiveInvestors - Australia) Cue Energy (ASX: CUE) has together with private company Todd Exploration, being awarded an offshore exploration permit adjacent to the Maari and Manaia oil fields in the Taranaki Basin, New Zealand.
PEP 54865 contains several prospects and leads have excellent potential for future oil and
gas discoveries.
The joint venture will be required to carry out seismic reprocessing, geological studies and shoot 285 square kilometres of 3D seismic over PEP 54865 in the first 30 months.
It also has the option to drill an exploration well in either the third or fourth year of the permit.
Cue has a 20% working interest in the permit while Todd has a 80% operating interest.
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