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- Release Date: 19/12/13 18:45
- Summary: MINE: CUE: Re-Start of Production at Maari Field, New Zealand
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CUE
19/12/2013 16:45
MINE
REL: 1645 HRS Cue Energy Resources Limited
MINE: CUE: Re-Start of Production at Maari Field, New Zealand
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
RE-START OF PRODUCTION AT MAARI FIELD, NEW ZEALAND
Cue Energy Resources Ltd is pleased to report that the Maari field, offshore
Taranaki, NewZealand, has successfully recommenced production after being
shut-in for maintenance and repair works.
Activities to re-start the field production commenced on 12 December 2013 and
the Operatorhas advised that all production wells were back on-line on 17
December 2013, producing at a combined rate of approximately 11,600 barrels
of oil per day. All wells will be carefully monitored until production
stabilises.
The Maari field was shut-in for a period of 145 days, during which time the
FPSO Raroa was disconnected from its mooring and towed to Port Nelson where a
new production swivel was installed and the on board process facilities and
the vessel were refurbished. Whilst the FPSO was off-station, repairs were
effected to several of the mooring lines in the field. The
FPSO departed from Port Nelson on 18 November 2013 and was successfully
re-connected to its mooring on 20 November 2013.
Cue estimates its share of the cost of this works programme is approximately
USD4m of which a significant portion is expected to be recovered from
insurance. The down time has resulted in approximately 42,000 barrels of
deferred production net to Cue.
Participating interests in PMP 38160 are as follows:
Cue Taranaki Pty Ltd 5%
Horizon Oil International Ltd 10%
(a subsidiary of Horizon Oil Ltd)
Todd Maari Ltd 16%
OMV New Zealand Ltd 69% (Operator)
Any queries regarding the announcement should be directed to the Company on
+61 3 8610 4000 or email [email protected].
David A.J. Biggs
Chief Executive Officer 19 December 2013
End CA:00245455 For:CUE Type:MINE Time:2013-12-19 16:45:07
