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- Release Date: 13/12/13 16:50
- Summary: MINE: CUE: Naga Utara-2 Progress Report # 10
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CUE
13/12/2013 14:50
MINE
REL: 1450 HRS Cue Energy Resources Limited
MINE: CUE: Naga Utara-2 Progress Report # 10
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Naga Utara-2 Progress Report # 10
Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 13
December 2013, the Naga Utara-2 well is at a depth of 5,961 ft MDKB (1,817m).
Since the last report, several attempts have been made to free the stuck
drill string which became stuck whilst drilling the 8 and 1/2" hole. These
operations have not been successful and the drill string has been cut at a
depth of 4,862 ft MDKB (1,482m). Preparations are underway to sidetrack the
well around the obstruction left in the hole.
The well site is located in the onshore portion of the Kutei Basin on the
island of Kalimantan (Borneo), approximately 10 km NE of the town of
Samarinda (map attached). Naga Utara-2 is operated by SPC Mahakam Hilir Pte
Ltd, a subsidiary of Singapore Petroleum Company Ltd.
The well is the third to be drilled by the Mahakam Hilir Joint Venture and
will appraise the gas shows seen in Miocene-age sandstones at Naga Utara-1
which were not fully evaluated in the previous well due to mechanical
problems. The well will then be deepened to evaluate additional reservoir
objectives. The well is being drilled from the same pad as Naga Utara-1 to a
target location approximately 475m north of the earlier well. The proposed
total depth of the
well is 6,777 ft MDKB (2,065m).
Cue will provide weekly progress reports during the drilling of Naga Utara-2.
Participating interests in the Mahakam Hilir PSC are as follows:
Cue Mahakam Hilir Pty Ltd 40%
SPC Mahakam Hilir Pte Ltd 60% (Operator)
Any queries regarding the announcement should be directed to the Company on
+61 3 8610 4000 or email [email protected].
David A.J. Biggs
Chief Executive Officer 13 December 2013
End CA:00245171 For:CUE Type:MINE Time:2013-12-13 14:50:18
