Cue Energy: Mahakam Hilir PSC operations update
Wednesday, May 23 2012 - 01:43 AM WIB
(23 May 2012)--Cue Energy Resources Ltd is pleased to provide the following update regarding the drilling of the Naga Selatan-1 well. 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.
As of the 22nd May 2012, the 9 % inch casing has been set at a depth of 5,000 feet MD (measured depth). The well is currently drilling ahead having reached a depth of 5,475ft MD. The plan is to drill ahead in 8 ? inch hole to the well ID (Total Depth) of 6,500 feet and evaluate with wire-line logging.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%. (ends)