BHP Billiton Ltd has increased its stake and taken operatorship of the WA-389-P petroleum exploration project in Western Australia's Carnarvon Basin.
In a statement to the Australian Securities Exchange, Cue Energy Resources Ltd said both it and BHP Billiton had increased their respective stakes in the operation (see Robert Gottliebsen's Making BHP more like CBA).
Previously, Woodside Burrup Pty Ltd, a subsidiary of Woodside Petroleum Ltd, held a 35% stake in the project and was its operator.
Cue increased its stake from 35% to 40%, saying it "sees significant remaining hydrocarbon potential in WA-389-P".
"BHP Billiton (Australia) Pty Ltd has also agreed to increase its interest to 60% in the permit and assume operatorship, subject also to the necessary regulatory approvals," Cue said.
Cue said an application to renew WA-389-P will be submitted to National Offshore Petroleum Titles Administrator (NOPTA) prior to the end of July this year.