CUE ENERGY RESOURCES LIMITED — Director's Dealing 2004

Nov 17, 2004

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

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

DATE : 18 November 2004

PAGES (including this page): 5

FROM: Andrew Knox

RE : Disclosure of Directors and Officers Relevant Interests

Attached please find Disclosure of Directors and Officers Relevant Interest for the following Director:

Ernest Geoffrey Albers

Yours faithfully

Andrew M Knox Chief Financial Officer

Disclosure of Directors and Officers Relevant Interests (Section 19T, Securities Markets Act 1988) DISCLOSURE NOTICE

A. Disclosure obligation (tick to note which disclosure obligation applies)

Initial disclosure (complete Parts A, B, C, D, F and G of this notice)
Ongoing disclosure (completes part A, B, C, E, F, and G of this notice)

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B. Preliminary

1 Name	Ernest Geoffrey Albers
2. Name of issuer	င္စ Energy Resoruces Limited
NZX Conpeny code of issued	င် မ
3. Name of related body corporate (if applicable)
4. Position you hold in the issuer of delated pody corporate	Director
5. Date of this disclosure	18 November 2004

C. Nature of relevant interest

CUE ENERGY

6. Name of registered holder (s) of security (as required by regulation 6A(b) or Attac	chei
regulation 7(b),
7. Class and type of security (as required by regulation 6B or regulation 8)	$\frac{1}{2}$ IV Daid shares
8. Nature of relevant interest in security (as required by regulation 6A (a) or	Direct and inditect as per attached
regulation 7(a))

Date (for initial disclosure)

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E. Transaction (for ongoing disclosure)
10. Date of last disclosure (as required by regulation 13)	N Z ACCE Technevol
11. Date(s) of acquisition(s) or disposal(s) (as required by regulation 9)	to Movember 2004
12. Number of transactions (as required by regulation 12(2), if applicable
13. Nature or type of transaction (as required by regulation 11(1)(a))	g market trade
14. Consideration (as required by regulation 10)	2,371,900 @AUD0.24 cents each 19/11/04 - received
	99.314 @ AUDO0.25 cents each 18/11/04 - 1909/ed
15. Number of securities held prior, set out by class and type (as required by regulation 8)	Attached
regulation 11(1)(b)) 16. Number of securities subject to acquisition or disposal (as required by	2,405,214 ordinary shares disposed
T. Mxteri of relevant interest
17. Number of securities held now, set out by class and type	Beneficial:

	(as required by regulation 6B or regulation 8)	17. Number of securities held now, set out by class and type	,我们的人们就是一个人的人,我们的人们就是一个人的人,我们的人们就是一个人的人,我们的人们就是一个人的人,我们的人们就是一个人的人,我们的人们就是一个人的人,我
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CUE ENERGY

Signature (as required by regulation 14)

E.
S ANARRES

TOTAL	TOTAL	Great Missenden Holdings Pty Ltd	Octanex NL (a/c Octanex Operations Pty Ē	Octanex NL		Summary of Other Relevant Interests	TOTAL	BB Nominees Pty Ltd	Ernest Geoffrey Albers		Summary of Beneficial Relevant Interests
45,094,637	38,785,354	2,405,214	11,160,140	25,220,000	No. of Shares	Before Change	6,309,283	2,292,850	4,016,433	Special Citates	Before Change
42,902,533	36,380,140	ï	11,160,140	25,220,000	No. of Sha 16 20	After Cha န္ဒ	6,522,393	2,505,960	4,016,433	Ro. of Shares	Atter Chal еğ
						Change Date of					Change Date of
						Price					Price

STATEMENT OF BENEFICIAL AND RELEVANT INTERESTS - FOR E.G. ALBERS

Fax sent by $\therefore$ 61 3 9629 7318

GREAT MISSENDEN HOLDINGS PTY LTD

(ACN 004 765 557)

25th Floor 500 Collins Street Melbourne Victoria 3000 Australia

Tel: 61-3-9629 6100 Fax: 61-3-9629 6278 Email: albers@ozemail.com.au

Our ref: 14682

18 November 2004

The Directors Cue Energy Resources Limited Level 25 500 Collins Street MELBOURNE Vic 3000

Dear Sirs

Re: Sale of 2,405,214 shares in Cue Energy Resources Ltd (Cue Energy)

We advise that Great Missenden Holdings Pty Ltd ("Company") have, during the past two days, sold its holding of 2,405,214 shares in Cue Energy. The decision to sell the shares in Cue Energy was made as a result of the desire of the directors and management of Great Missenden Holdings Pty Ltd to increase the effectiveness of the Company by taking an action which would reduce bank debt, provide working capital for our underwriting and investment finance activities and fund the exercise of rights held with respect to expiring options in Moby Oil & Gas Limited (ASX Code: MOG).

The decision by the board of Great Missenden Holdings Pty Ltd to sell the shares in Cue Energy was not based upon any negative assessment of the future prospects of Cuc Energy, but was based on the opportunity to take an action which would have the effect of satisfying the financial requirements of our Company in the specific areas outlined above.

A director and shareholder of Great Missenden Holdings Pty Ltd, Mr E Geoffrey Albers is also a director of Cue Energy. We provide this letter as a matter of courtesy with authority for it to be released to the ASX and NZX to accompany the appropriate notice of change in his deemed directors shareholding in Cue Energy.

Yours faithfully

ELG. Albers

Chairman of Directors Great Missenden Holdings Pty Ltd