Cue Energy quits S. Sumatra exploration block

Australian listed oil, gas explorer Cue Energy Resources Limited announced on Monday that it had sold its 76 percent interest in the Tanjung Jabung production sharing contract (PSC), onshore South Sumatra, to a company associated with Wirabuana Petrolindo Ltd, the operator for the Tanjung Jabung PSC, for a nominal consideration.

?Cue obtained an interest in the PSC in 1997 in conjunction with Wirabuana Petrolindo Ltd, but has been frustrated in its efforts to explore the most prospective portion of the contract area due to it being covered by a national park.Cue has, therefore, elected to withdraw from participation in the PSC,? said RJ Coppin, Cue?s CEO.

The transaction made Wirabuana Petrolindo the 100 percent interest holder of the exploration block.(alex)