Cue Energy: Mahakam Hilir PSC operations update
Tuesday, April 17 2012 - 01:44 AM WIB
(17 April 2012) -- Cue Energy Resources Limited is pleased to advise that the Naga Selatan-1 well is expected to spud today on 17th April, 2012. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir Pte Ltd.
The Naga Selatan (Southern Dragon) prospect is situated approximately 7.5km to the west of the producing Sanga Sanga oilfield. Naga Selatan is an oil prospect. It is proposed to drill to a total depth (TD) of 6500ft MD and is expected to take approximately 33 days to reach TD followed by a further 15 days for evaluation with wireline logs and production testing if required.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%(ends)