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Drilling Update: Jeruk -3 Deviated Appraisal Well

Cue Energy Resources Limited

A.B.N. 45 066 383 97

RELEASE

Drilling Update

• Jeruk -3 Deviated Appraisal Well

At 5.00pm on 16 March 2006, Jeruk -3 was at a depth of 4960 metres measured depth (4696 metres vertical depth) and was pulling out of the hole prior to running wire line logs , after encountering what is interpreted to be the top of the Kujung objective at 4960 metres measured depth.

The forward plan is to complete logging, run and cement the 9 5/8" casing and continue evaluation of the objective.

The planned total depth of the well is 5512 metres measured depth.

Economic interests in the well are expected to be as follows:
Santos Sampang Pty Ltd 40.5% (Operator)
Medco Strait Services* 22.5%
Singapore Petroleum Sampang Pte Ltd 19.64%
PT Petrogas Oyong Jatim+ 10%
Cue Sampang Pty Ltd 7.36%

*pursuant to an agreement with Singapore Petroleum and
Cue

+subject to finalization of legal documentation

Robert J Coppin
Chief Executive Officer 17 March 2006

ENDS

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