Australia's National Offshore Petroleum Titles Administrator has approved the title transfer of exploration permit WA-359-P, which contains the Ironbark gas prospect, to BP PLC unit BP Developments Australia Pty. Ltd., Australia's Beach Energy Ltd. and New Zealand Oil & Gas Ltd.

In a statement released May 23, Cue Energy Resources Ltd. said its subsidiary Cue Exploration Pty. Ltd. was also notified of the agency's approval and registration of other documentation associated with the formation of a joint venture between Cue, BP Developments Australia, Beach Energy and New Zealand Oil & Gas.

BP, which replaced Cue as the operator of WA-359-P, will conduct the planning and execution of the Ironbark-1 exploration well, set to be drilled in late 2020. BP is preparing an environment plan for the well site survey and drilling activities.

Ironbark has an estimated prospective recoverable gas of 15 Tcf. WA-359-P is in the Carnarvon Basin offshore Western Australia.

BP holds a 42.5% stake in the joint venture, while Cue owns a 21.5% interest. Beach has a 21% share and New Zealand Oil & Gas holds a 15% stake.