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- Release Date: 23/08/13 12:29
- Summary: MINE: CUE: Kan Tan IV Semi-Submersible Drilling Rig Arrives in NZ
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CUE
23/08/2013 10:29
MINE
REL: 1029 HRS Cue Energy Resources Limited
MINE: CUE: Kan Tan IV Semi-Submersible Drilling Rig Arrives in NZ
Kan Tan IV Semi-Submersible Drilling Rig
Arrives in New Zealand
Cue Energy Resources Ltd (Cue) is pleased to advise that OMV, the Operator of
PMP 38160, has confirmed that the semi-submersible drilling rig 'Kan Tan IV'
has been successfully unloaded from the heavy lift vessel 'Blue Marlin' and
is currently under tow to the Manaia-2 drilling location in the offshore
Taranaki Basin, New Zealand. It is expected that the well will spud in the
next few days.
Manaia-2 will appraise undeveloped reservoir units in the Manaia field and
provide additional information on the Mangahewa Formation reservoir which is
currently being produced through an extended-reach horizontal well from the
Maari well head platform (WHP). Manaia-2 is located in 100m of water, 1.25
km north of Maui-4 and 6 km to the southwest of the WHP. The planned total
depth of the well is approximately 2,850m. The undeveloped reservoirs have
the potential to add 11 million barrels of gross reserves to the Manaia
field.
Manaia-2 is the first well in a multi-well drilling campaign which will
extend into 2014. Cue, through its subsidiary Cue Taranaki Pty Ltd, will
also participate in the Whio-1 exploration well, to be drilled in PEP 51313
during the first quarter of 2014 in which it is fully carried. The rig
contract has a number of options which, if exercised, could see Cue
participating in additional drilling activity in PEP 51313 in the first half
of next year.
Manaia-2 also marks the start of an integrated programme of workovers,
recompletions and drilling of new development wells in the Maari-Manaia field
which will add approximately 15 million barrels of gross incremental reserves
to the project and increase production from the field. This activity will
move into a new phase with the arrival of the 'ENSCO 107' jack-up early next
year.
A further announcement will be made when the Manaia-2 well spuds, after which
weekly progress reports will be issued.
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) 96708668 or email [email protected].
David A.J. Biggs
Chief Executive Officer 23 August 2013
End CA:00240114 For:CUE Type:MINE Time:2013-08-23 10:29:09
