CUE 4.23% 6.8¢ cue energy resources limited

80 Meter oil in PNG, page-3

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    HOMEX - Melbourne

    Cue is pleased to announce that the Southeast Gobe 1 Sidetrack 1 well
    in Papua New Guinea has penetrated an approximately 80 metre gross
    oil column in the objective Iagifu reservoir sand which was
    encountered approximately 10 metres high to prediction. A 7 inch
    production liner is being run and the well completed. Oil production
    is expected to begin around mid June 2002.

    SEG-1 ST-1 was drilled as a deviated oil well to penetrate the Iagifu
    reservoir approximately 300 metres to the northeast and approximately
    50 metres downdip of the current SEG-1 intersection.

    A side track of the SEG-10 well will follow completion of SEG-1 STI.

    Cue has a 3.285651% interest in the SE Gobe field unit, with a
    current overlift interest of 3.8565% to compensate for past under

    Participants in the SE Gobe Unit are as follows:

    Cue PNG 3.3%
    Chevron Niugini 7.9%
    Exxon Mobil 5.9%
    Merlin Petroleum 2.8%
    Oil Search Limited 44.9%
    Petroleum Resources Gobe 2.0%
    Southern Highlands Petroleum 23.7%
    Santos 9.4%
    Total 100.0%

    A location map is attached.

    Any queries regarding this announcement should be directed to the
    Company on 03 9629 7577.

    R J Coppin
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