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- Release Date: 11/10/13 15:10
- Summary: MINE: CUE: Manaia-2 Progress Report No 6
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CUE
11/10/2013 13:10
MINE
REL: 1310 HRS Cue Energy Resources Limited
MINE: CUE: Manaia-2 Progress Report No 6
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Manaia-2 Progress Report # 6
Cue Energy Resources Ltd (Cue) advises that the Manaia-2 well is at a depth
of 2005m MDRT at 0600 hours local time on 11 October 2013. Current operations
are running wireline logs. Since the previous report, 12 1/2" x 13 1/2" hole
was drilled through the Moki Formation, the underlying Lower Manganui
Formation and into the top of the Ngatoro Group as planned.
Elevated gas readings and oil fluorescence was observed throughout the Moki
Formation. The significance of these hydrocarbon shows will be fully
evaluated by the current logging programme.
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 the programme is now expected to
take 58 days in total due to delays caused by adverse weather and rig
repairs. 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 11 October 2013
End CA:00242274 For:CUE Type:MINE Time:2013-10-11 13:10:29
