Maari field, offshore New Zealand, successful workover of 2 shut-in wells; Manaia well tied into platform; upside zones being appraised. New 3D and 2D seismic recorded over block PEP 51313, offshore New Zealand, with encouraging, preliminary results.
Financial.
Net production from Maari field of 303,322 barrels of oil. Net sales volume 294,950 barrels of oil, generating revenue of US$24.8 million.
Outlook for remainder of 2011:
Optimisation of water injection and oil production at Maari field; design of development program to produce Greater Maari Area accumulations.
Processing of new seismic data over PEP 51313, offshore New Zealand and integration with existing coverage; acquisition of further new seismic over western area of permit; selection of target for drilling in 2011 / 2012. ------------------- Note the promising preliminary siesmic results for Materiki etc.
If they make a Discovery in PEP 51313 from any one of the propects it should be able to be piped and tied into the Maari Platform.
Time to be the "early bird that gets the worm"or worms!!
Cheers Kimbo
CUE Price at posting:
31.5¢ Sentiment: ST Buy Disclosure: Held
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