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- Release Date: 15/11/13 17:32
- Summary: MINE: CUE: Naga Utara-2 Progress Report # 6
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CUE
15/11/2013 15:32
MINE
REL: 1532 HRS Cue Energy Resources Limited
MINE: CUE: Naga Utara-2 Progress Report # 6
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Naga Utara-2 Progress Report # 6
Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 15
November 2013, the Naga Utara-2 well is at a depth of 4,396 ft MDKB (1,340m)
and drilling ahead in 12 " hole.
Since the last report, the 13 3/8 " casing was set at 3,343 ft MDKB (1,019m)
and, after drillingthrough the shoe, a leak-off test was performed before
drilling ahead. Progress for the weekhas been 1,053ft (320m).
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 isoperated 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 gasshows seen in Miocene-age sandstones at Naga Utara-1
which were not fully evaluated in theprevious well due to mechanical
problems. The well will then be deepened to evaluateadditional 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 proposedTD 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.
Participatinginterests 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 15 November 2013
End CA:00243875 For:CUE Type:MINE Time:2013-11-15 15:32:46
