CUE ENERGY RESOURCES LIMITED — Director's Dealing 2003

Jan 7, 2003

CUE ENERGY

08/01/03 12:39 $Pq$ : $1/10$

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: 8 January 2003

PAGES (including this page): 10

• FROM: Andrew Knox
• : Disclosure of Subsequent Director Relevant Interests RE

Dear Sir

Attached please find Disclosure of Subsequent Director Relevant Interests for the following Directors of Cue Energy Resources Ltd:-

Richard Tweedie Ken Hoolihan Leon Musca Ernest Geoffrey Albers

Yours faithfully

Andrew M Knox Chief Financial Officer

Name of Listed Issuer:	Cue Energy Resources Limited
Name of Director:	Leon Musca
Date of Last Disclosure by Director:	15 October 2002
Date of Change:	6 & 7 January 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.). Class of Security to which Relevant Interest Relates: (Provide full description of each class of security to	Direct Ordinary fully paid shares
which each type of Relevant Interest relates.) No. of Securities Held Prior to Change:	149,087 Ordinary fully paid shares - Reneficial in the name of Leon Nominces 10,737,130 Ordinary full paid shares -- Beneficial in the name of Portfolio Securities Pty Ltd 410,220 Ordinary fully paid shares Beneficial in the name of BB Nominees Pty Ltd
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: 149,087 Ordinary fully paid shares - Beneficial in the name of Leon Nominees Beneficial in the name of 10,737,130 Ordinary full paid shares Portfolio Securities Pty Ltd 527,422 Ordinary fully paid shares - Beneficial in the name of BB Nominees Pty Ltd Non Beneficial:
Consideration Paid or Received for the Acquisition or Disposition: (If consideration is non-cash, provide details and estimated valuation.)	60,000 @ AUD5.2 cents each 21,000 @ AUD5.3 cents each 12,202 @ AUD5.4 cents each 24,000 @ AUD5.5 cents each

$\label{eq:2.1} \mathcal{L}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}})) \leq \mathcal{L}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}})) \leq \mathcal{L}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}(\mathcal{L}^{\mathcal{L}}{\mathcal{L}}))$

$\mathcal{L}(\mathcal{A})$ . The $\mathcal{L}(\mathcal{A})$

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

Name of Listed Issuer:	Cue Energy Resources Limited
Name of Director:	Emest Geoffrey Albers
Date of Last Disclosure by Director:	25 October 2002
Date of Change:	6 & 7 January 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 Pald or Received for the Acquisition or Disposition: (If consideration is non-cash, provide details and estimated valuation.)	120,000 @ AUD5.2 cents each 42,000 @ AUD5.3 cents each 24,404 @ AUD5.4 cents each 48,000 @ AUD5.5 cents 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

FOR E.G. ALBERS

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	1,147,650	1,382,054	06-07/01/03	5.2, 5.3, 5.4 & 5.5¢
Sacrosanct Pty Ltd (Superannuation Fund A/c)	1,250,000	1,250,000
TOTAL	7,069,297	7,303,701

Summary of Other Relevant Interests	Before Change	After Change	Date of Change	Price
	No. of Shares	No. of Shares
Browse Petroleum Pty Ltd	6,200,000	6,200,000
Octanex NL	25,220,000	25,220,000
Octanex NL (a/c Octanex Operations Pty Ltd)	11,160,140	11,160,140
TOTAL	42,580,140	42,580,140

49,649,437 49,883,841 TOTAL

Name of Listed Issuer:	Cue Energy Resources Limited
Name of Director:	Ken Hoolihan
Date of Last Disclosure by Director:	15 October 2002
Date of Change:	6 & 7 January 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:	618,544 Ordinary fully paid shares - Beneficial in the name of BB Nominees Pty Ltd 18,150,000 Ordinary fully paid shares - Non Beneficial on the name of Todd Petroleum Mining Company Limited 15,000,000 Ordinary fully paid shares - Non Beneficial in the name of Todd Tasman Oil Ltd
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: 735,746 Ordinary fully paid shares - Beneficial in the name of PB Nominees Pty Ltd
	Non Beneficial: 18.150,000 Ordinary fully paid shares - Non Beneficial on the name of Todd Petroleum Mining Company Limited 15,000,000 Ordinary fully paid shares - Non Beneficial in the name of Todd Tasman Oil Ltd
Consideration Paid or Received for the Acquisition or Disposition: (If consideration is non-cash, provide details and estimated valuation.)	60,000 @ AUD5.2 cents each 21,000 @ AUD5.3 cents each 12,202 @ AUD5.4 cents each 24,000 @ AUD5.5 cents each

$\label{eq:2.1} \mathcal{L}(\mathcal{L}^{\text{max}}{\mathcal{L}}(\mathcal{L}^{\text{max}}{\mathcal{L}})) \leq \mathcal{L}(\mathcal{L}^{\text{max}}{\mathcal{L}}(\mathcal{L}^{\text{max}}{\mathcal{L}}))$

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

Name of Listed Issuer:	Cue Energy Resources Limited
Name of Director:	Richard Tweedie
Date of Last Disclosure by Director:	15 October 2002
Date of Change:	6 & 7 January 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:	488,530 Ordinary fully paid shares - Beneficial in the name of R Tweedie Super Fund Beneficial in the name of BB 618,543 Ordinary fully paid shares Nominees Pty Ltd 18,150,000 Ordinary fully paid shares - Non Beneficial on the name of Todd Petroleum Mining Company Limited 15,000,000 Ordinary fully paid shares - Non Beneficial in the name of Todd Tasman Oil 1.td
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: 488,530 Ordinary fully paid shares - Beneficial in the name of R Tweedie Super Fund 735,745 Ordinary fully paid shares - Beneficial in the name of BB Nominees Pty Ltd Non Beneficial:
	18.150,000 Ordinary fully paid shares - Non Beneficial on the name of Todd Petroleum Mining Company Limited 15,000,000 Ordinary fully paid shares - Non Beneficial in the name of Todd Tasman Oil Ltd
Consideration Paid or Received for the Acquisition or Disposition: (If consideration is non-cash, provide details and estimated valuation.)	60,000 @ AUD5.2 cents each 21,000 @ AUD5.3 cents each 12,202 @ AUD5.4 cents each 24,000 @ AUD5.5 cents 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