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BP ABANDONS OZ IRONBARK-1 WELL

BP has plugged and abandoned the Ironbark-1 well in WA-359-P offshore Western Australia, its partner in the project, Sydney-listed Cue Energy, said on January 13.  

Source: Natural Gas World, by Shardul Sharma

“The results of the Ironbark-1 well were disappointing, but we thank BP, the operator of the permit, for their safe and professional execution of the drilling operations,” Cue CEO Matthew Boyall said. “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.” 

Cue reported that the well was dry last month. BP has 42.5% interest in the WA-359-P permit containing the prospect, while Cue has 21.5%, Beach Energy 21% and New Zealand Oil & Gas 15%. The companies got regulatory clearance for the Ironbark-1 well in September. 

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