Cue Energy Resources Limited (ASX Code: CUE) provides the following update on the Banambu Deep-1 exploration well in permit WA-389-P offshore Carnarvon Basin, Western Australia.

Progress

The operator has advised that the well reached total depth of 4696 mMD at 12:45 hrs 26th June 2012 within the Mungaroo Formation. Since the last report the 216mm (8 ½') hole was drilled through the primary and secondary reservoir objectives and wire-line logs were obtained. The fluvial sandstone units were intersected according to pre-drill prediction; however both intervals are water-bearing.

Forward Plan

Operator will complete the wire-line logging programme and commence plug and abandon operations.

Location

The Banambu Deep-1 well is located in permit WA-389-P, in the Carnarvon Basin, Western Australia. Water depth at the well location is 320m.