Mainly, Cue, BP, Beach and New Zealand Oil & Gas are collaborating since October 26, 2018; In this partnership, BP acts as the operator, on behalf of Cue in planning the Ironbark-1 well prior to title transfers and creation of a formal joint venture.
Matthew Boyall, Cue CEO, commented that the approvals are an achievement for Cue and also complete the outstanding conditions of agreements with BP, Beach, and New Zealand Oil & Gas.
As Mr Boyall noted
The title transfer and documentation approvals satisfy the final conditions of previously announced agreements with BP Developments Australia, Beach Energy and New Zealand Oil & Gas to form a joint venture to drill the Ironbark prospect, which has a best estimate of 15 Tcf of prospective recoverable gas.
He continued that BP will become operator of WA-359-P and continue with the planning and execution of the Ironbark-1 exploration well, which is due to be drilled in late 2020.
According to the agreement, the companies will be as: BP (operator) 42.5%; Cue 21.5%; Beach 21%; and, New Zealand Oil & Gas 15% interest.
Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia. The Ironbark-1 well is expected to drill to 5500 meters. It will be the first test of the Ironbark prospect.