Cue Energy: Mahakam Hilir PSC operations update
Wednesday, February 1 2012 - 02:54 AM WIB
(February 1, 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 13 more days to complete evaluating the well including well testing if required.
As of 31st January 2012 the well is at 3222 ft MD. The 9 5/8 inch casing was set in the previous section down to 3000 ft and the 8 1/2 inch hole is currently being drilled. Forthcoming operations will be to complete drilling the 8 1/2 inch section to 5500 ft TD and evaluate the section using wire-line logs.
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)