- Release Date: 27/09/13 16:17
- Summary: MINE: CUE: Manaia-2 Progress Report # 4
- Price Sensitive: No
- Download Document 1.62KB
CUE 27/09/2013 14:17 MINE REL: 1417 HRS Cue Energy Resources Limited MINE: CUE: Manaia-2 Progress Report # 4 RELEASE (ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY) Manaia-2 Progress Report # 4 Cue Energy Resources Ltd (Cue) advises that the Manaia-2 well is at a depth of 754m MDRT at 0600 hours local time on 27 September 2013. Current operations are preparing to drill ahead in 12 " x 13 " hole. Mechanical problems with the rig equipment and adverse weather conditions have delayed drilling since the last report. Manaia-2 is located in PMP 38160 in the offshore Taranaki Basin. 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]. Andrew M Knox Chief Financial Officer 27 September 2013 End CA:00241718 For:CUE Type:MINE Time:2013-09-27 14:17:47
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