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- Release Date: 03/01/14 16:04
- Summary: MINE: CUE: Naga Utara-2 Progress Report # 12
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CUE
03/01/2014 14:04
MINE
REL: 1404 HRS Cue Energy Resources Limited
MINE: CUE: Naga Utara-2 Progress Report # 12
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Naga Utara-2 Progress Report # 12
Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 3 January
2014, the Naga Utara-2 ST well is at a depth of 6,060 ft MDKB (1,847m).
Operations are in progress to plug and abandon the well.
Since the last report, the well was drilled to a total depth of 6,060 ft MDKB
in 8 1/2' hole. A suite of wireline logs was obtained which allowed for
evaluation of the well; however the condition of the hole precluded further
logging, including obtaining pressure data and fluid sampling by wireline
tools. Although the well encountered indications of hydrocarbons, they were
judged to be insufficient to warrant drill-stem testing.
The data obtained from Naga Utara-2 and the subsequent sidetrack will be
integrated into our understanding of the petroleum potential of the Mahakam
Hilir PSC prior to a decision being made on future exploration activity.
The well site is located in the onshore portion of the Kutei Basin on the
island of Kalimantan (Borneo), approximately 10 km NE of the town of
Samarinda (map attached). Naga Utara-2 is operated by SPC Mahakam Hilir Pte
Ltd, a subsidiary of Singapore Petroleum Company Ltd.
This will be the last of Naga Utara-2 weekly progress report to be issued by
Cue.
Participating interests in the Mahakam Hilir PSC are as follows:
Cue Mahakam Hilir Pty Ltd 40%
SPC Mahakam Hilir Pte Ltd 60% (Operator)
Any queries regarding the announcement should be directed to the Company on
+61 3 8610 4000 or email [email protected].
David A.J. Biggs
Chief Executive Officer
3 January 2014
End CA:00245798 For:CUE Type:MINE Time:2014-01-03 14:04:28
