On the back of successful news from the BassGas-linked Trefoil well, AWE was said to have settled a placement with Macquarie Bank at $1.58 per share to raise its $64 million. This will be used to fund its share of the follow-up drilling and development of the structure, which will then dovetail into the main BassGas infrastructure.

AWE requested a trading halt on its stock this morning, which was trading at $1.80 at the time.

Cue yesterday said it would place 40 million ordinary shares at 25 cents with clients of Cartesian Capital Pty Limited to raise $10 million.

Cue said, “The $10 million in new equity raised will finance the expansion, and move to production, of the company’s interest in the Oyong oil and gas field, located in the Madura Strait in close proximity to Surabaya, Indonesia's second largest city.”

The Oyong development will consist of a simple well head structure with up to seven development wells through which oil and gas will then be processed on a nearby moored barge and exported by shuttle tanker. Gas will be sent by pipeline to a power station at Grati, East Java, with first gas expected around 2006.

Solution gas associated with the early oil production will be reinjected until gas production begins to Grati.

Interests are Santos 45% (operator), Singapore Petroleum Company Limited 40%, Cue 15%.