CUE cue energy resources limited

Ann: MINE: CUE: Naga Utara-2 Progress Report # 8

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    					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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