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Cue Energy raises $18 million in share placement

Media release

Tuesday 1st February 2005

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Cue Energy Resources has today announced that Patersons Securities Limited (Patersons), a leading independent Australian investment house, has finalised the placement of 60 million ordinary fully paid shares in the Company at a price of A30 cents each, raising a total of $18 million.

At the Annual General Meeting of the Company held on 26 November 2004, the shareholders of Cue Energy authorized the placement of up to 100 million ordinary shares. This placement and the placement of 40 million shares in December 2004 were made pursuant to and complete this authorization.

The placement has been made to institutional and sophisticated investor clients of Patersons. The equity raising attracted considerable support from institutional investors with over twenty new institutions investing in the Company.

The $18 million will be used to meet the cost of a 5% interest in PEP 38413 which contains the Maari oil field. PEP 38413 is in the offshore Taranaki Basin of New Zealand. The funds will also be used to assist funding of Cue's share of project development costs and to augment working capital.

The recent capital raisings have allowed Cue to participate in both the Oyong and Maari development projects, which are expected to bring a substantial increase in corporate revenue, with benefit to all shareholders.

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