Cue Energy Limited (Cue) has announced that the Ocean Apex drilling rig has completed its work scope to plug and abandon the Ironbark-1 well and departed the well location at midnight Monday 11th January 2021 (AWST).

Last month Cue advised that the Ironbark-1 exploration well in WA-359-P in the Carnarvon Basin, offshore of Western Australia, had been drilled to a total depth of 5618 metres.

The company detailed that the primary target interval was intersected at a depth of 5275 metres, with no significant hydrocarbon shows encountered in any of the target sands.

On Tuesday 13 January 2021, Cue CEO, Matthew Boyall, commented that the results of the Ironbark-1 well were disappointing, but the company thanked BP, the operator of the permit, for their safe and professional execution of the drilling operations.

“Cue has a strong underlying business with two projects currently in the development phase in addition to the continuing revenue from the Maari and Sampang projects. With cash reserves available, Cue continues to look for new, value-adding opportunities,” he said.

The WA-359-P Joint Venture participating interests are: BP (operator) 42.5 per cent, Cue 21.5 per cent, Beach Energy 21 per cent, and New Zealand Oil & Gas 15 per cent.