Cue Inks Six-Year Gas Sales Agreements with Northern Territory Government

MT Newswires Live07-29

Cue Energy Resources (ASX:CUE) entered new gas sales agreements to supply up to 40.5 petajoules of gas to the Northern Territory government from the Mereenie and Palm Valley fields from 2025 to 2030, the oil and gas company said in an Australian bourse filing Monday.

The company will provide the Northern Territory Government with up to 2.5 PJ of gas from the Mereenie field and up to 1.1 PJ from the Palm Valley field, it said. It holds a 7.4% interest in Mereenie and a 15% stake in Palm Valley.

Firm production from Mereenie and Palm Valley is now secured under contract at current market rates for the next six years, per the filing.

Further, the company amended its existing gas supply agreement with Arafura Rare Earths (ASX:ARU) to delay the supply start date by two years to Jan. 1, 2028, according to the filing. The amendment also extends the condition precedent date to Dec. 31, 2024.

Arafura Rare Earths' shares climbed almost 6% in recent Monday trade.

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