Cue Energy: Mahakam Hilir PSC operations update
Wednesday, June 13 2012 - 01:33 AM WIB
(13 June 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 12th June 2012, the 8 1/2 inch hole section is currently being drilled at 7,741 feet MD (measured depth). The plan is to drill ahead to a planned well TD (Total Depth) of 8,000 feet and evaluate with wire-line logging.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd (Operator) 60%
Mahakam Hilir Pty Ltd 40%. (ends)