Contracts for Oyong barge and FSO extended: Cue
Thursday, April 30 2015 - 12:39 AM WIB
ASX-listed Cue Energy Resources Ltd announced on Wednesday that the contracts for the Oyong production barge and FSO have been extended until September 2015.
A program of well interventions and recompletions is currently underway, with the Oyong-9 well being put on production at 430 bopd. Further work on Oyong 7, 8 and 11 wells continues this quarter. The workovers are expected to improve Oyong oil production and extend field life for an additional 1-2 years until 2017, the firm said.
The Oyong average oil production rate for the quarter was 924 bopd (gross) and the gas average rate was 11.69 Mcf (gross) (Cue net: 119 bopd/1.62 MMscfd - both net of government take under the PSC.)
Oyong is one of the three fields within the Sampang PSC, located offshore Madura Island, East Java, which is operated by Australian oil and gas fim Santos Ltd with a 45 percent interest. Cue has a 15 percent interest in the PSC, while Singapore Petroleum Company holds a 40 percent interest. The two other fields in the block are Wortel and Jeruk.
During the quarter, Cue?s share of condensate sales receipts was A$0.003 million from the sale of 59 barrels and gas sales receipts was A$0.453 million from the sale of 128,925 Mcf. Cue did not lift any Oyong oil in the quarter.
Cue and partners have approved the installation of compression at the Grati gas plant which will ensure that the Wortel project will continue to meet its gas sales contract volumes. Installation of the compressors is progressing and is scheduled to be complete by end May 2015.
Wortel-3 and Wortel-4 flowed gas at a combined average rate of 37.36 MMscfd (gross) during the quarter (Cue net 5.19 MMscfd net of government take under the PSC.)
During the quarter, Cue?s share of condensate sales receipts was A$0.004 million from the sale of 92 barrels and gas sales receipts was A$3.621 million from the sale of 436,266 Mcf.
Editing by Johannes Simbolon