CUE cue energy resources limited

Ann: MINE: CUE: Manaia-2 Progress Report # 4

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    					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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