Cue Energy: Mahakam Hilir PSC operations update
Thursday, May 31 2012 - 02:06 AM WIB
(31 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 30th May 2012, the 9 5/8? casing has been set at a depth of 4,997 feet MD (measured depth). Intermediate wire-line logs are being acquired between last casing point to current depth of 6,852 feet. The plan is to continue to drill ahead in 8 1/2 inch hole to the well TD (Total Depth) of 8,000 feet and further evaluate with wire-line logging.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd 60%
Cue Mahakam Hilir Pty Ltd 40%.(ends)