CUE ENERGY RESOURCES LIMITED — Director's Dealing 2003

Jun 1, 2003

Cue Energy Resources Limited

25th Floor 500 Collins Street Melbourne Victoria 3000 Australia

Telephone: (03) 9629 7577 Facsimile: (03) 9629 7318 Email: mail@cuenrg.com.au Website: www.cuenrg.com.au

FACSIMILE TRANSMISSION

: Company Announcements Office TO 10th Floor 20 Bond Street Sydney NSW 2000

FAX: DD#0

DATE : 2 June 2003

PAGES (including this page): 4

FROM: Andrew Knox

RE : Disclosure of Subsequent Director Relevant Interests

Dear Sir

Attached please find Disclosure of Subsequent Director Relevant Interests for the following Director :-

Ernest Geoffrey Albers

Yours faithfully

Andrew M Knox Chief Financial Officer

Disclosure of Subsequent Director Relevant Interests
(Disclosure in accordance with LR 10.9.4)

Name of Listed Issuer:	Cue Energy Resources Limited
Name of Director:	Ernest Geoffrey Albers
Date of Last Disclosure by Director:	9 April 2003
Date of Change:	16 & 30 May 2003
Nature of Relevant Interest: (Provide details of the circumstances giving rise to the Relevant Interest. Details should be provided separately for each circumstance giving rise to a Relevant Interest e.g. details of a trust or arrangement which gives rise to power to exercise votes attached to a security should be detailed separately to circumstances where the director is the beneficial owner of the security. This may involve disclosing a number of different types of circumstances that give rise to a Relevant Interest.).	Direct
Class of Security to which Relevant Interest Relates: (Provide full description of each class of security to which each type of Relevant Interest relates.)	Ordinary fully paid shares
No. of Securities Held Prior to Change:	Attached.
Number of Securities Acquired:
Number of Securities Disposed:
No. of Securities Held after Change: (For each circumstance that gives rise to a Relevant Interest e.g. 50,000 as beneficial owner, 50,000 pursuant to Trust Deed.)	Beneficial: Attached. Non Beneficial:
	Attached.
Consideration Paid or Received for the Acquisition or Disposition: (If consideration is non-cash, provide details and estimated valuation.)	500,000 @ AUD4.22 cents each $1,000,000$ @ AUD4.8 cents average each

Nature of change: (E.g. on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back.)	On market trade
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------	-----------------	--

STATEMENT OF BENEFICIAL AND RELEVANT INTERESTS

Summary of Beneficial Relevant Interests	Before Change	After Change	Date of Change	Price
	No. of Shares	No. of Shares
Ernest Geoffrey Albers	4,016,433	4,016,433
Ernest Geoffrey Albers (as Trustee for EG & PJ Albers)
Ernest Geoffrey Albers & Pamela Joy Albers	655,214	655,214
BB Nominees Pty Ltd	1,631,194	1,631,194
Sacrosanct Pty Ltd (Superannuation Fund $A/c$ )	1,250,000	1,250,000
TOTAL	7,552,841	7,552,841

FOR E.G. ALBERS

Summary of Other Relevant	Before	After	Date of	Price
Interests	Change	Change	Change
	No. of	No. of
	Shares	Shares
			16/05/03	4.22c
Browse Petroleum Pty Ltd	5,200,000	3,700,000	30/05/03	4.8 $\ell$ average
Octanex NL	25,220,000	25,220,000
Octanex $NL$ (a/c Octanex
Operations Pty Ltd)	11,160,140	11,160,140
TOTAL	41,580,140	40,080,140

TOTAL 49,132,981 47,632,981