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- Release Date: 01/08/13 13:51
- Summary: MINE: CUE: Mobilisation of Kan Tan IV Semi-Submersible Drilling Rig
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CUE
01/08/2013 11:51
MINE
REL: 1151 HRS Cue Energy Resources Limited
MINE: CUE: Mobilisation of Kan Tan IV Semi-Submersible Drilling Rig
Mobilisation of Kan Tan IV Semi-Submersible Drilling Rig for Taranaki Basin
Drilling Campaign
Cue Energy Resources Limited is pleased to advise that the Kan Tan IV
drilling rig has been loaded onto a heavy lift vessel in preparation for
transport to New Zealand. On arrival, the rig will commence a multiple well
drilling campaign in which Cue will participate through its Maari and PEP
51313 Joint Ventures.
The first well, Manaia-2, is due to spud in the second half of August and
will appraise reservoir units in the Moki and Farewell Formations which are
not yet under development. Cue has a 5% interest in the well.
The rig will be used later in the programme to drill a well on the Whio
prospect located approximately 6 km south of the Maari Field in PEP 51313.
It is anticipated that Whio will be drilled in the first quarter of 2014.
Cue will be carried through the drilling of the Whio well through a farmout
agreement with OMV.
The participants and their respective interests in the PSC are:
OMV New Zealand Limited (operator) 69%
Todd Exploration Ltd 16%
Horizon Oil (New Zealand) Ltd 10%
Cue Taranaki Pty Ltd 5%
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
1 August 2013
End CA:00239202 For:CUE Type:MINE Time:2013-08-01 11:51:16
