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Cue announcement

  1. CUE ENERGY RESOURCES LIMITED 2002-07-05 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    SE GOBE 10 ST-1

    At midnight on 4 July the SEG-10 sidetrack-1 well in the SE Gobe oil
    field, Papua New Guinea, was at a measured depth of 2105 metres and
    was preparing to run 9(5/8)" casing.

    SEG-10 ST1 is being drilled as a deviated oil development well from
    the SEG-2 well pad to penetrate the Iagifu reservoir approximately
    380 metres east of the SEG-2 well and 760 metres west of the SEG-5
    ST1 well.

    SEG-10 ST1 is expected to take approximately 32 days to drill and
    complete, and can be brought on production quickly. The well is
    expected to produce incremental proved and probable reserves of 2.1
    million barrels with a highside expectation of 2.9 million barrels
    and to have a peak average annual production rate of approximately
    2,500 barrels of oil per day.

    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
    lifting.

    SE GOBE 1 ST-1

    The SE Gobe 1 ST-1 began production on Monday 24 June 2002. On 27
    June 2002 the well was producing 1337 barrels of oil per day on
    36/64" fixed choke. The production rate will be increased as the well
    cleans up and is expected to reach an annual average rate of 2,400
    barrels of oil per day.

    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
    CHIEF EXECUTIVE OFFICER









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