Cue Energy: Mahakam Hilir PSC operations update
Wednesday, January 18 2012 - 01:26 AM WIB
(January 18, 2012)--Cue Energy Resources Ltd is pleased to provide the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC).
It is proposed to drill to a total depth of 5500 ft Measured Depth (MD) and is expected to take approximately 25 more days to complete including well testing.
As of 17th January 2012 the well has been drilled to a depth of 988 ft measured depth. A 12% inch pilot hole has been drilled to mitigate shallow gas hazards. Forthcoming operations will be to increase the hole diameter to 17 % inches prior to setting the 13-3/8 inch casing.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%. (end of release)