Subsidiary Cue Exploration Pty will hold a 50% interest in and operate WA-359-P, WA-360-P and WA-361-P.

These leases are immediately adjacent to the producing Goodwyn-Perseus-North Rankin gas-condensate fields and to the newly developed Exeter-Mutineer oil fields complex.

Cue told the ASX and NZX that the new permits, which cover about 3600 sq km in water depths of less than 500m, would be explored for their gas-condensate and oil potential.

Exoil Ltd holds the other 50% stake in WA-359-P, while Gascorp Australia Ltd holds the remaining interest in WA-360-P and WA-361-P.

Meanwhile, the settlement of Cue Energy’s purchase of Delta Oil’s 5% interest in the offshore Taranaki licence PEP 38413, which contains the Maari oil field, is expected to occur early next month, subject to gaining the necessary government and joint venture approvals, the company said on Friday.