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CUE
29/08/2013 16:04
MINE
REL: 1604 HRS Cue Energy Resources Limited
MINE: CUE: Maari Facility
Maari Facility
The Company advises that requisite approvals to resume production post
interim repairs to the FPSO Raroa's mooring system have yet to be received.
In the intervening period there has been a failure of a bearing in the FPSO
swivel. The swivel was planned to be replaced in 2014 and the Maari Joint
Venture has decided to bring that activity forward which will require the
FPSO to be disconnected and taken to a New Zealand port. Preparation for the
disconnection is now underway and production will not now resume until the
swivel has been replaced and the vessel reconnected on location, which is
currently expected to be late December 2013. While the FPSO is in port, the
opportunity will be taken to carry out other scheduled work on the Raroa,
fully reinstate the mooring system and carry out upgrades to the Maari
wellhead platform.
The costs of the repairs are yet to be finalised, but it is expected that
some of the costs will be covered by insurance. Cue's share of deferred
production while the vessel is out of service is estimated to be 50,000 boe,
or 5.3% of Cue's production for the year to 30 June 2013.
Participating interests in PMP 38160 are as follows:
Cue Taranaki Pty Ltd 5%
Horizon Oil International Ltd 10%
Todd Maari Ltd 16%
OMV New Zealand Ltd 69% (Operator)
Any queries regarding the announcement should be directed to the Company on
(03) 9670 8668 or email [email protected].
David A.J. Biggs
Chief Executive Officer 29 August 2013
End CA:00240411 For:CUE Type:MINE Time:2013-08-29 16:04:39
