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- Release Date: 25/10/13 16:59
- Summary: MINE: CUE: Naga Utara-2 Progress Report # 3
- Price Sensitive: No
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CUE
25/10/2013 14:59
MINE
REL: 1459 HRS Cue Energy Resources Limited
MINE: CUE: Naga Utara-2 Progress Report # 3
Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 25 October
2013, the Naga Utara-2 well is at a depth of 1,305 ft MDKB (398m) and is
preparing to drill ahead in 17" hole.
Since the last report, 18 5/8 " casing has been run and cemented and the BOP
installed and successfully tested.
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.
The well is the third to be drilled by the Mahakam Hilir Joint Venture and
will appraise the gas shows seen in Miocene-age sandstones at Naga Utara-1
which were not fully evaluated in the previous well due to mechanical
problems. The well will then be deepened to evaluate additional reservoir
objectives. The well is being drilled from the same pad as Naga Utara-1 to a
target location approximately 475m north of the earlier well. Naga Utara-2
has a proposed TD of 2,068mMD (1,981mTVD) and drilling is expected to take
approximately 62 days.
Cue will provide weekly progress reports during the drilling of Naga Utara-2.
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
(03) 9670 8668 or email [email protected].
David A.J. Biggs
Chief Executive Officer 25 October 2013
End CA:00242897 For:CUE Type:MINE Time:2013-10-25 14:59:40
