CUE ENERGY RESOURCES LIMITED — Director's Dealing 2007

Aug 28, 2007

==> picture [596 x 79] intentionally omitted <==

Cue Energy Resources Limited

A.B.N. 45 066 383 971

Level 21 114 William Street Melbourne Victoria 3000 Australia

Telephone: (03) 9670 8668 Facsimile: (03) 9670 8661 Email: mail@cuenrg.com.au Website: www.cuenrg.com.au

• TO : Company Announcements Office

10th Floor

• 20 Bond Street

• Sydney NSW 2000

DATE : 29 August 2007

PAGES (including this page):4

FROM : Andrew Knox

RE : Appendix 3Y

Attached please find the Change of Director’s Interest Notice for the following Director:

Ernest Geoffrey Albers

Yours faithfully

==> picture [175 x 96] intentionally omitted <==

Andrew M Knox Public Officer

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity : Cue Energy Resources

ABN : 45 066 383 971

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Ernest Geoffrey Albers
Date of last notice	15 August 2007

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	BB Nominees Pty Ltd
Date of change	23-28 August 2007
No. of securities held prior to change	Beneficial: 6,383,020 Ordinary fully paid shares – Beneficial in the name of Ernest Geoffrey Albers 448,811 Ordinary fully paid shares – Beneficial in the name of Sacrosanct Pty Ltd 118,608 Ordinary fully paid shares – Beneficial in the name of BB Nominees Pty Ltd Non-Beneficial: 36,380,140 Ordinary fully paid shares – Non Beneficial in the name of Octanex NL 264,583 Ordinary fully paid shares – Non Beneficial in the name of Bass Strait Group Pty Ltd (BSG)
Class	Ordinary fully paid shares.
Number acquired	4,700,621

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	1,000,000 @ AUD0.24 cents each 2,782,312 @ AUD0.23 cents each 918,309 @ AUD0.23 cents each
No. of securities held after change	Beneficial: 6,383,020 Ordinary fully paid shares – Beneficial in the name of Ernest Geoffrey Albers 1,448,811 Ordinary fully paid shares – Beneficial in the name of Sacrosanct Pty Ltd 118,608 Ordinary fully paid shares – Beneficial in the name of BB Nominees Pty Ltd Non-Beneficial: 36,380,140 Ordinary fully paid shares – Non Beneficial in the name of Octanex NL 264,583 Ordinary fully paid shares – Non Beneficial in the name of Bass Strait Group Pty Ltd (BSG) 3,700,621 Ordinary fully paid shares – Non Beneficial in the name of The Albers Companies Incorporated Pty Ltd
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On market trade.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

I confirm the above to be correct.

………………………………. Ernest Geoffrey Albers

Dated 29 August 2007

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002