ABN 45 066 383 971
23 May 2017 PAGES (including this page): 2ASX Market Announcements ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Jeruk Project ReimbursementAttached please find Cue Energy Resources Limited's release with respect to the above mentioned.
Yours faithfully
Andrew M Knox
Chief Financial Officer
CUE ENERGY OVERVIEW
Cue is an Australian based oil and gas company with activities in Australia, New Zealand and Indonesia.
THE COMPANY HAS:
Long life production
A strong balance sheet
An active exploration programme
CUE ENERGY DIRECTORS
Grant Worner (Executive Chairman)
Koh Ban Heng
Duncan Saville
CUE ENERGY MANAGEMENT
Andrew Knox (CFO)
OFFICE
Level 3
10-16 Queen Street
Melbourne Vic 3000
CONTACT DETAILS
Tel: +613 8610 4000
Fax: +613 9614 2142
mail@cuenrg.com.au
WEBSITE
www.cuenrg.com.au
LISTINGS
ASX: CUE
ADR/OTC: CUEYY
ABN 45 066 383 971
RELEASE Jeruk Project ReimbursementCue Energy Resources Ltd (ASX:CUE) advises that as a result of an economic project arrangement in the Jeruk field within the Sampang PSC, Indonesia, Cue had under certain circumstances an obligation to reimburse certain monies spent by the incoming party.
The matter was in dispute as to the quantum of monies that the incoming party was entitled to claim by way of such reimbursement and as to when it was payable. The dispute has been active since late 2011 and was settled through an arbitration hearing and an award was made.
The Company today has paid USD6.8m in settlement of these monies owing. USD4.6m had been accrued to date with the balance of USD2.2m being expensed.
Any queries regarding this announcement should be directed to the Company on
+613 8610 4000 or email mail@cuenrg.com.au.
Andrew Knox
Chief Financial Officer 23 May 2017
Cue Energy Resources Limited published this content on 23 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 May 2017 06:50:18 UTC.
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