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Cue Energy Resources Limited

Cue Energy Resources Limited

A.B.N. 45 066 383 97
SE GOBE-12 Well Encounters Oil

The SE Gobe 12 development well has encountered a 25.8 metre net oil column in the Lower Iagifu sandstone reservoir, overlain by a 25.4 metre net gas column in the Upper Iagifu sandstone reservoir.

No hydrocarbon contacts were penetrated by the well. The well is currently being completed as an oil producer and a potential future gas injector.

SE Gobe 12 oil production is expected to begin in mid April 2006, at an estimated rate of 1500-2000 barrels of oil per day.

Participants in the SE GOBE unit are:
AGL Gas Developments (PNG) Pty Limited 27.35%
Oil Search (PNG) Limited 25.55% (Operator)
Southern Highlands Petroleum Co Ltd 23.69%
Barracuda Limited (Santos) 9.39%
Ampolex (Highlands) Limited 5.95%
Cue PNG Oil Company Pty Ltd 3.29%
Merlin Petroleum Company Limited 2.78%
Petroleum Resources Gobe Limited 2.00%

Robert J Coppin
Chief Executive Officer 22 March 2006

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