Cue owns these permits, which are in the Carnarvon basin, in offshore Western Australia. Under the deal, BP will acquire equity in these permits – subject to government approval and completion of standard due diligence.
BP will acquire 80% equity in one permit (WA-409-P), with the option to acquire 42.5% equity in the other permit (WA-359-P).
Cue’s 20% equity interest in the first permit will be funded by BP for the work programme that is required under the permit for the next 3 years.
Cue reported a net loss of $87.5 million at 30 June 2016.