CUE Cue Energy

RNS Number:8917O
Cue Energy Plc
03 January 2007

3 January 2007

CUE ENERGY PLC (the "Company")


                  Facility Agreement - GTL Corporation Pty Ltd


The Board of Cue Energy plc announces that on 2 January 2007 they entered into a
facility agreement with GTL Corporation Pty Ltd ("GTL") to provide funding for
the evaluation and exploitation of Polymer Electrolyte Membrane (PEM) Technology
for fuel cells and electrolysers, as contemplated under GTL's commercialisation
agreement with the Commonwealth Scientific and Industrial Research Organisation
of Australia ("CSIRO").


Under the terms of the facility agreement, funds provided will be used to
advance PEM Technology, file patent applications to protect the intellectual
property and commence the commercialisation planning of various applications.


The Company has agreed to provide a short term drawdown facility to GTL in
#50,000 tranches of up to #500,000, bearing interest of 9% accrued daily.


The facility agreement also provides for the conversion of the total balance
outstanding under the facility, into equity in GTL at a rate of 1% for each
#50,000 of the outstanding balance.



For further information please contact:

 Jade Styants / Toby Howell      Gavin Burnell             Daniel Briggs
         
       Cue Energy Plc              Ruegg & Co        Hichens, Harrison & Co Plc

Ph: +44 (0) 20 7932 2427   Ph: +44 (0) 20 7584 3663   Ph: +44 (0) 20 7382 4450




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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