CUE cue energy resources limited

Ann: MINE: CUE: Manaia-2 Progress Report # 1

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    CUE
    06/09/2013 12:25
    MINE
    
    REL: 1225 HRS Cue Energy Resources Limited
    
    MINE: CUE: Manaia-2 Progress Report # 1
    
    Cue Energy Resources Ltd (Cue) advises that the Manaia-2 well is at a depth
    of 189m MDRT at 0600 hours local time on 6 September 2013.  Current
    operations are preparing to drill ahead in 16" hole. Since the well spud on
    1st September, 36" hole has been drilled to 189m MDRT and the 30" conductor
    pipe has been run and cemented without incident.
    
    Manaia-2 is located in PMP 38160 in the offshore Taranaki Basin, New Zealand.
    The well is operated by OMV New Zealand Ltd and is being drilled from the
    semi-submersible drilling rig 'Kan Tan IV'.
    
    The well is located 1.25 km north of Maui-4 (which discovered the Manaia
    field) and 6 km to the southwest of the Maari Field well head platform. The
    well has a planned total depth of 2,850m and drilling is expected to take
    about 30 days. The undeveloped Moki and Farewell Formation reservoirs that
    will be appraised by Manaia-2 have the potential to add 11 million barrels of
    gross reserves to the Manaia field.
    
    Cue will provide weekly progress reports during the drilling of Manaia-2.
    Participating interests in PMP 38160 are as follows:
    
    Cue Taranaki Pty Ltd        5%
    Horizon Oil International Ltd       10%
    (a subsidiary of Horizon Oil Ltd)
    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    6 September 2013
    End CA:00240818 For:CUE    Type:MINE       Time:2013-09-06 12:25:28
    				
 
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