The funds raised will be used to fund Cue's reinstatement of its 15% interest in the promising Jeruk oil discovery in the Sampang Production Sharing Contract area, offshore East Java, Indonesia and to fund Cue's share of the estimated cost of the Jeruk -2 re-entry, sidetrack, coring and testing program.
The offer has been unconditionally underwritten by Todd Petroleum Mining Company Ltd (80%), a company associated with Cue directors R Tweedie and K Hoolihan, and Great Missenden Holdings Pty Ltd (20%), a company associated with Cue director EG Albers.
The pro-rata rights offer of 87,088,751 million shares will raise A$17.3 million (less fees). A prospectus for the offer will be soon sent to shareholders.
