Cue's 22 May pres'n had this to say (p15):
"Naga Utara – Drilled January to March 2012 and intersected potentially commercial gas bearing sandstones. Two zones flowed gas during drilling. Re-entry and side-track for appraisal & testing under consideration.
Naga Selatan –20 million barrel oil prospect, multiple targets with deep horizons high graded due to drilling Naga Utara. Currently drilling."
With large oil & gas fields located nearby, these two wells don't look like duds to me. But even if they are Cue is solid value at these prices.
recent drilling, page-4
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