Australia's Cue Energy surges on commencing gas sales to east coast markets

Cue Energy Resources

04/05/2022 03:12

** Shares of the oil and gas firm  CUE.AX  jump as much as
7% to A$0.076, post their biggest intraday percentage gain since
March 18
    ** Co signs an agreement via its Mereenie joint venture to
enable sales of uncontrolled gas into east coast trading hubs
including Brisbane and Sydney trading markets  urn:newsml:reuters.com:*:nASX8twNmv
    ** Says deal gives co opportunity to bring new supply into
the east coast spot market while increasing margins for
un-contracted production 
    ** Shares hit their highest level since April 28  
    ** Stock up 2.9% this year, as of last close, compared with
a 1.6% decrease in the benchmark S&P/ASX 200 index  .AXJO  

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))