Cue Energy Resources (ASX:CUE) and its partners have spudded the Whio-1 exploration well in the offshore Taranaki Basin, New Zealand, that targets mean unrisked prospective resources of 18 million barrels of oil.
The company is free carried by operator OMV for its 14% interest in the drilling and completion of the well.
In the event that one or more hydrocarbon pools are developed at Whio, Cue’s stake will drop to 5%.
Whio is located close to existing production infrastructure at the Maari Field, which provides potential opportunities for early development of any discovered hydrocarbons.
A successful well at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari including the Matariki prospect.
Cue Energy Resources (ASX:CUE) and its partners have spudded the...
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