- Release Date: 28/11/13 18:38
- Summary: MINE: CUE: Naga Utara-2 Progress Report # 8
- Price Sensitive: No
- Download Document 1.74KB
CUE 28/11/2013 16:38 MINE REL: 1638 HRS Cue Energy Resources Limited MINE: CUE: Naga Utara-2 Progress Report # 8 RELEASE (ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY) Naga Utara-2 Progress Report # 8 Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 28 November 2013, the Naga Utara-2 well is at a depth of 5,117 ft MDKB (1,559m) and is drilling ahead in 8" hole towards the proposed total depth of 6,777 ft MDKB (2,065m). Since the last report, the 9 5/8 " casing was set at a depth of 4,912 ft MDKB (1,497m) and the BOP equipment tested prior to commencing the drilling of the 8" phase. 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. 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 28 November 2013 End CA:00244466 For:CUE Type:MINE Time:2013-11-28 16:38:32
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