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- Release Date: 07/10/13 16:00
- Summary: MINE: CUE: Naga Utara-2 Well, Mahakam Hilir PSC, Indonesia
- Price Sensitive: No
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CUE
07/10/2013 14:00
MINE
REL: 1400 HRS Cue Energy Resources Limited
MINE: CUE: Naga Utara-2 Well, Mahakam Hilir PSC, Indonesia
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Naga Utara-2 Well, Mahakam Hilir PSC, East Kalimantan, Indonesia
Cue Energy Resources Ltd (Cue) advises that the Naga Utara-2 well spudded on
5th October 2013. 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. The well 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 7 October 2013
End CA:00242069 For:CUE Type:MINE Time:2013-10-07 14:00:11
